Adani Ports and Special Economic Zone (APSEZ) has inked a Memorandum of Understanding (MoU) with Larsen & Toubro (L&T) to oversee operations of Kattupalli Port in Tamil Nadu.
The non-binding MoU will empower L&T Shipbuilding to manage and operate the port with an effect from October 2015.
Under this pact APSEZ will be responsible for EBIDTA gains and losses arising from the port operation for this period.
APSEZ is part of the Adani group led by Gautum Adani is one of India’s leading business houses with a revenue of over 10 billion dollars.
Presently the subsidiary company operates ports in Mundra, Tuna-Tekra (Kandla), Hazira and Dahej in Gujarat. It also operates, Dhamra in Odisha and specialised coal handling facilities in Mormugao in Goa and Visakhapatnam in Andhra Pradesh.
Earlier in June 2015, APSEZ received Kerala government’s nod for developing the 4,089-crore rupees Vizhinjam International Deepwater Seaport project with 4-year timeframe for commissioning.
Vizhinjam port port is strategically located very close to international shipping route and has the potential to become the biggest trans-shipment hub in the region. It will help in cost saving to Indian trade as the boxes can be trans-shipped at a lower cost.