MSC’s investment branch TiL invested $29m for a 49% stake of Adani Ennore Terminal. Credit: Mariusz Bugno/ Shutterstock

Adani Ports and Special Economic Zone (APSEZ) has announced an agreement with MSC’s investment arm, Terminal Investment Limited (TiL), which will take over operations of the Adani Ennore Container Terminal, Ahmedabad, India.

TiL’s investment features a 49% stake in Adani Ennore Container Terminal Pvt Ltd (AECTPL).

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The deal was valued at Rs 247 crore ($29m) and is subject to regulatory approval.

This agreement follows the 2013 joint venture with TiL for Adani International Container Terminal Pvt Ltd (AICTPL), which runs CT3 Container Terminal at Mundra Port, India’s biggest private port.

Karan Adani, CEO of APSEZ emphasised the market value of this agreement.

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Adani said: “APSEZ enjoys a strong partnership with TiL and MSC, built on mutual trust and transparency, as reflected in our growing alliance. With this second joint venture, we are now further deepening this strategic partnership in one of the fastest-growing container terminal markets in the south. We aim to replicate the AICTPL terminal’s success at the Ennore Container Terminal and service the trade needs of the South Indian market”.

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“This strengthening of our association with the world’s largest shipping company reflects APSEZ’s robust vision of accelerating sectoral growth through a transparent business approach.”

AECTPL, located on India’s east coast, has a 400-meter quay length and an annual handling capacity of 0.8 million TEUs.

According to Adani Port, the total enterprise value of AECTPL is Rs 1,211 crore ($145.7m).

Ammar Kanaan, CEO of Terminal Investment Ltd added: “We are highly pleased to strengthen our partnership with APSEZ, India’s largest private sector port operator”.

“This association will enable us to further improve TiL’s presence in one of the world’s fastest-growing economies and strengthen our offering to customers in the Indian subcontinent.”