Ad Ports and Special Economic Zone (APSEZ) has completed the acquisition of 100 per cent stake of Dighi Port Ltd (DPL) for Rs 705 crore.
DPL, the 12th port to join APSEZ's string of economic gateways across the eastern and western coast of India will establish the company's footprint in Maharashtra, the largest contributor to India's GDP.
"This will enable APSEZ to service customers in Maharashtra which includes the highly industrial areas and development in the Mumbai and Pune regions," the company said in a statement.
APSEZ also said it plans to invest over Rs 10,000 crore to develop the port into a multi-cargo hub with world-class infrastructure as well as investing in the development of rail and road evacuation infrastructure for seamless and efficient cargo movement.
The company will strengthen and repair existing infrastructure and invest in the development of facilities for dry, container, and liquid cargo.
"DPL will evolve as an alternative gateway to Jawaharlal Nehru Port Trust (JNPT), and will invite and support the development of port-based industries on port land," it said.
The development of DPL will lead to further investments across various industries such as consumer appliances, metals, energy, petrochemicals, and chemicals business in Maharashtra and provide a tremendous fillip to the industrial development and growth in Maharashtra.
These investments will contribute to employment generation and socio-economic development of the port's hinterland.
As per the terms and requirements of the resolution plan, the transfer of concession rights has been approved by the Maharashtra Maritime Board (MMB) and APSEZ has settled the dues of financial creditors MMB and other admitted costs and claims.
"The successful acquisition of DPL adds another milestone in the Ad Port's target of creating a string of ports to increase service coverage to the entire economic hinterland of India," said Karan Ad, CEO and Whole-time Director of APSEZ.
"With our growth focus, experience and expertise in turning around acquisitions and we are confident of making DPL value accretive for all our stakeholders. Our investment and capacity augmentation plan will be aligned with policies of the government of Maharashtra for development of ports, associated infrastructure, industrial and socio-economic development in the state."
( With inputs from ANI )
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