Adani Ports and Special Economic Zone (APSEZ) has executed a share purchase agreement with Larsen and Toubro to purchase a 97% share in Marine Infrastructure Developer (MIDPL), which operates Kattupalli Port in Chennai, India.

MIDPL, L&T Shipbuilding and Adani Kattupalli Port are also signatories of the Rs19.5bn ($282.7m) deal.

Kattupalli Port is situated 30km north of Chennai and is connected with its neighbouring industrialised regions of North Tamilnadu, Bangalore and South Andhra Pradesh, among others.

Considered as Chennai’s New Gateway for export-import (EXIM) trade in Chennai/Bangalore region, the port has a backup area of 322 acres for future expansion.

“We will be able to reduce logistics cost of industries in the region and be one of the engines of growth.”

The port is equipped with two berths with a quay length of 710m.

It also features six quay cranes, 15 rubber-tyred gantry (RTG) cranes, 5,120 ground slots with the capacity to handle 1.2 million twenty-foot equivalent units (TEUs) of cargo annually.

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APSEZ CEO Karan Adani said: “We are going to start our construction to diversify the cargo of the port and will be adding 40 million metric tonnes of new capacity in next three years.

“We are confident that with our superior infrastructure and efficient handling of cargo, we will be able to reduce logistics cost of industries in the region and be one of the engines of growth.”

The acquiring company said it intends to transform Kattupalli into a multi-commodity port, which will enable it to handle various cargoes such as containers, automobiles and project cargo.