Adani Ports Archives

Adani Ports to invest Rs 20k crore in Kerala’s…

13 July 2024
by admin

THIRUVANANTHAPURAM: Adani Ports is set to go bullish on investing in the Vizhinjam International Seaport project to speed up its three-phase development. The deadline to complete phases 2 and 3 of the project has been set for 2028, far ahead of the original deadline of 2045.
The first phase of the port, which is set to be commissioned in Sept-Oct this year, received its initial cargo ship San Fernando as part of a trial of commercial operations on Thursday.Karan Adani, CEO of Adani Ports, said the Adani Group would increase total investment to Rs 20,000 crore so that the remaining phases of construction of the port can be completed in one go. The project will also generate 5,000 direct and indirect jobs. He also said the commissioning of the port will be done well in advance, and it will be before Dec.
He added that the company is not looking at market share but is keen on reducing the transit cost of cargo for manufacturers. As of now, the total investment for the Vizhinjam port is Rs 8,867 crore. Of this, Rs 5,595 crore is borne by the state govt and Rs 818 crore by the central govt. Therefore, the Vizhinjam port is considered a state port. Adani Group is the builder and operator of the Vizhinjam port.

Science & Environment

Big milestone! Vizhinjam port, India’s largest transhipment port in…

12 July 2024
by admin

The Vizhinjam International Sea Port, India’s largest transhipment port in Kerala, has welcomed its first container ship, a large cargo vessel named ‘San Fernando’ from China. The ship’s arrival was celebrated with a water salute by four tugs that guided it to the dock, marking a significant milestone for India’s largest transhipment port.
The ship, with a capacity of 8,000 to 9,000 TEUs, is owned by the prominent shipping company Maersk and arrived from Xiamen Port in China.The 300-meter-long San Fernando is set to unload 1,900 containers at Vizhinjam International Seaport Limited (VISL).
The mothership carries large containers that will be transferred to other vessels and subsequently transported to various ports within the country and internationally.

Why is Vizhinjam port, India’s largest transhipment port special?

Vizhinjam, equipped with state-of-the-art equipment and advanced automation and IT systems, is poised to become India’s first semi-automated port.

Adani Ports and Special Economic Zone Ltd (APSEZ) is responsible for the development of the Vizhinjam International Seaport. Kerala chief minister Pinarayi Vijayan acknowledged Adani Group’s commitment to completing the project within the stipulated timeframe.
The port’s construction, which commenced in 2016, is a public-private partnership project with a total investment of Rs 8,867 crore. The Kerala state government contributed approximately Rs 5,595 crore, while the central government provided Rs 818 crore towards the port’s development. It is expected to be fully commissioned in September or October 2024.
The port boasts natural depths ranging from 20 to 24 meters, with a rare rocky ocean bottom, eliminating the need for dredging to achieve such depths.

Chief Minister Pinarayi Vijayan officially greeted the Chinese freight ship ‘San Fernando’ at the Vizhinjam international sea port on Friday, a day after the vessel had docked. The event was attended by several dignitaries, including Sarbananda Sonowal, the Union Minister for Ports, Shipping, and Waterways, and A N Shamseer, the Kerala Assembly Speaker.
Also present at the ceremony were V N Vasavan, the state Ports Minister, along with his fellow cabinet members K N Balagopal, V Sivankutty, K Rajan, and G R Anil. M Vincent, a UDF MLA, and Karan Adani, the Managing Director of APSEZ, were among the other notable attendees.
Sarbananda Sonowal, the Union Minister of Ports, Shipping & Waterways, expressed his optimism about the arrival of San Fernand at the Vizhinjam International Seaport saying, “This is a good development in the country. India under the dynamic leadership of PM Modi is going to be one of the leading maritime nations in the world. For that to happen, we have to create world-class facilities here so that all types of vessels can be accommodated at the Indian ports. We are going to develop this kind of port in Maharashtra and Andaman & Nicobar Islands – both at the East and West coast of India to have global access.”

Science & Environment

Gautam Adanis 2024 Salary Revealed – Less Than Some…

23 June 2024
by admin

New Delhi: Gautam Adani, who is a leading industrialist who frequently ranks among the top 2 or 3 on India’s and Asia’s rich list has earned a total of Rs 9.26 crore for the fiscal year ending March 31, 2024. However, his pay was lower than that of key executives within the Adani group and his industry peers. At the age of 61, Adani received a salary from just two of the ten companies in his ports-to-energy conglomerate, according to annual reports from the group’s listed entities.

Adani’s pay from the group’s main company in 2023-24, Adani Enterprises Ltd (AEL) consisted of a Rs2.19 crore salary with Rs 27 lakh in perks, allowances and other benefits. This brought his total remuneration to Rs 2.46 crore was 3 per cent more than previous financial year, according to AEL’s 2023-24 annual report. (Also Read: GST Council Meeting: FM Sitharaman Announces Nationwide Biometric Authentication- Key Highlights)

Further, Adani received a salary of Rs 6.8 crore from Adani Ports and SEZ Ltd (APSEZ). Although some of his top executives earned more than him last year, his salary was still lower than that of the heads of nearly all major family-owned conglomerates in India. (Also Read: Central Govt Sets 9:15 AM Deadline, Warns Of Casual Leave Deductions For Latecomers: Report)

Gautam Adani is currently worth USD 106 billion, according to the Bloomberg Billionaire Index. Adani became Asia’s richest man in 2022 but his net worth dropped notably after a report by the US short-seller Hindenburg Research accused his firm of financial irregularities.

Adani’s younger brother Rajesh received Rs 8.37 crore which included a Rs 4.71 crore commission on profit from AEL, according to the annual report. Meanwhile his nephew Pranav Adani earned Rs 6.46 crore including a Rs 4.5 crore commission.

Science & Environment

Stocks To Watch: Coal India, Canara Bank, NTPC, Adani…

3 June 2024
by admin

Last Updated: June 03, 2024, 07:46 IST

Stocks To Watch On June 3: Stocks from within PSU themes like defence, railways, and banks will be in focus on Monday after exit polls predicted the continuation of the current Narendra Modi government for the third term in a row.

Coal India: It reported a 7.5 per cent increase in coal production for May, reaching 64.4 million tonnes year-on-year. Additionally, coal offtake rose by 7.2 per cent to 68.2 million tonnes.

Ashoka Buildcon: The firm has emerged as the lowest bidder for two projects worth Rs 2,153 crore from the Maharashtra State Road Development Corporation.

Canara Bank: The bank plans to sell a 14.5 per cent stake in its subsidiary, Canara HSBC Wipro: It has expanded its retail media offering by partnering with Cisco and AT&T.

MOIL: The company announced price hikes for various grades of manganese ore effective from June 1. Prices of all ferro grades with manganese content of Mn-44 per cent and above were increased by 35 per cent, while those with manganese content below Mn-44 per cent saw a 30 per cent hike. Prices of all SGMR, fines, and chemical grades were also raised by 30 per cent.

NTPC: The state owned company has commissioned the second and final phase of the 33 MW Anta Solar PV Project in Rajasthan, increasing its total capacity to 59,168 MW on a standalone basis and 76,048 MW on a group basis.

PNC Infratech: The company’s subsidiary has received a one-time settlement amount of Rs 391 crore from NHAI.

Adani Ports and Special Economic Zone: Its subsidiary, Adani International Ports Holdings Pte (AIPH), signed a 30-year concession agreement with the Tanzania Ports Authority to manage Container Terminal 2 at the Dar es Salaam Port, Tanzania. The agreement includes the acquisition of the project company in Tanzania, handling all port equipment and employees, for $39.5 million. Container Terminal 2 has a capacity of 1 million TEUs and manages around 83 per cent of Tanzania’s container volume.

Bank of India: The PSU bank is increasing its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across most tenures, effective June 1.

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Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More

Tag: <span>Adani Ports</span>

Adani Ports to invest Rs 20k crore in Kerala’s…

Big milestone! Vizhinjam port, India’s largest transhipment port in…

Why is Vizhinjam port, India’s largest transhipment port special?

Gautam Adanis 2024 Salary Revealed – Less Than Some…

Stocks To Watch: Coal India, Canara Bank, NTPC, Adani…