Adani Ports acquires Karaikal Port for ₹1485 crore

Adani Ports acquires Karaikal Port for ₹1485 crore

Daily Current Affairs   /   Adani Ports acquires Karaikal Port for ₹1485 crore

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Category : Business and economics Published on: April 05 2023

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  • Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the acquisition of Karaikal Port for a consideration of Rs 1,485 crore ($181 million) after the proposal was approved by the National Company Law Tribunal. 
  • Earlier, APSEZ was declared as the successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of KPPL.
  • Karaikal Port is an all-weather deep-water port on India’s eastern coast that was developed on the Build, Operate and Transfer format under the Public-Private Partnership by the Government of Puducherry.
  • The Karaikal Port was commissioned in 2009, and was developed in the Karaikal District of the Union Territory of Puducherry, around 300 KMS south of Chennai. 
  • It is the only major port between Chennai & Tuticorin, and its strategic location allows the port easy access to industrial-rich hinterland of Central Tamil Nadu.
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