Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the acquisition of 100% stake of Dighi Port Ltd (DPL) in the Indian state of Maharashtra for $97m.

DPL will now become the twelfth port to join APSEZ’s growing list of economic gateways across the eastern and western coast of India.

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With the acquisition, APSEZ will be able to serve clients in Maharashtra, including the industrial areas, along with development in the Mumbai and Pune regions.

Moreover, APSEZ has announced its plans to invest more than $1.37bn to develop the port into a multi-cargo port with modern infrastructure.

The company will also invest in the development of rail and road evacuation infrastructure for seamless and efficient cargo movement.

APSEZ will fortify and refurbish existing infrastructure and invest in the development of facilities for dry, liquid, and container cargo.

The aim is to evolve DPL into an alternate gateway to Jawaharlal Nehru Port Trust (JNPT) so that it invites and supports the development of port-based industries on the port land.

The development of DPL will also result in further investments across numerous industries, boosting industrial development and growth in the state.

According to the Resolution Plan, the transfer of concession rights has also been permitted by the Maharashtra Maritime Board (MMB) and APSEZ has settled the dues of financial creditors, MMB, and other admitted expenses and claims.

APSEZ CEO and whole-time director Mr Karan Adani said: “The successful acquisition of DPL adds another milestone in the Adani Port’s target of creating a string of ports to increase service coverage to the entire economic hinterland of India. With our growth focus, experience, and expertise in turning around acquisitions, we are confident of making DPL value accretive for all our stakeholders. Our investment and capacity augmentation plan will be aligned with policies of the Government of Maharashtra for development of ports, associated infrastructure, industrial, and socio-economic development in the state.”