The Adani Group is planning to expand the captive port capacity of Sanghipuram to handle vessel sizes of 8,000 DWT deadweight tonnage, Adani Ports and Special Economic Zones APSEZ CEO Karan Adani said on Thursday.
Adani Ports Special Economic Zone is currently trading at a price of Rs 770.3, with a change of 1.16 per cent on Thursday. The stock has delivered a return of 4.03 per cent in the past month.
On Thursday afternoon, Adani Group said that Ambuja Cements will acquire Sanghi Industries SIL from its promoters Ravi Sanghi and his family at a price of Rs 114.22 per share, marking its enterprise value of Rs 5,000 crore.
Sanghi Industries is a top cement manufacturer in western India. Sanghi Cement has a manufacturing unit at Sanghipuram in Gujarat's Kutch district, which is also connected to a captive jetty at Sanghipuram. The cement plant is equipped with a capacity of 6.6 MTPA Million tons per annum and a 6.1 MTPA capacity.
We will invest in deepening and expanding the captial port capacity in order to accommodate larger vessel sizes of 8000 DWT, said Karan Adani, chairman of Sanghi Industries.
The western coast will have Bulk Terminals and Grinding Units constructed along the coast to enable the movement of cement and clinker through the sea route at the cheapest possible cost.
Our vision is to produce the lowest cost clinker in the country at Sanhipuram and then transport this clinker as well as bulk cement through coastal roads to the markets of Saurashtra South Gujarat, Mumbai and the Mumbai Metropolitan Region Karnataka and Kerala, Karan Adani said.
Synergies with assets of Adani ports will help us in implementation of this strategy, he said. Adani Ports said it recorded bumper cargo volume of 34 MMT in July this year - a 7 percent jump year-on-year YoY.
During the first four months of FY 2024 April-July, APSEZ handled 135.4 MMT of total cargo, a record 11 per cent YoY growth, the company said.
India's largest private port operator, YTD, reported a jump in Logistics volume too in July with YTD rail volumes of 178,689 twenty-foot equivalent units TEUs - more than 20 percent rise YoY. In July, the company witnessed a 39% rise in GPWIS volumes at 5.77 MMT.
Adani Ports operates six strategically located port and terminals on the west coast, including Mundra, Dahej, Tuna, and Hazira in Gujarat, Mormugao in Goa, and Dighi in Maharashtra.
It also operates five ports and terminals on the East Coast of India, Dhamra in Odisha, Gangavaram, and Krishnapatnam in Andhra Pradesh, and Kattupalli and Ennore in Tamilnadu, representing 24 percent of India's total port volume.
Mundra is the largest container handling port in India, handling more than 6.6 million TEUs in FY23, making it a crucial link to the north and central parts of the country.
Mundra port in Gujarat, owned by Adani Group, handled over 5,300 TEUs last month.
In July, the average number of TEUs handling by rail at the Mundra port has exceeded 5,300, surpassing the pre-Cyclone Biparjoy levels of around 4,900.
The cyclone impacted operations and resulted in unavoidable operational downtime for six days.
The company will release its financial results for three months, ended June 30, 2023, on August 8.