Adani Ports and multinational conglomerate Larsen & Toubro (L&T) has said they have inked a deal to oversee operations at the Port of Kattupalli and Kattupalli Container Terminal in Tamil Nadu, according to Business Today.
The development comes amid reports that Adani group is likely to take over the operational and management control of L&T Kattupalli International Container Terminal near Chennai to strengthen its East Coast presence on the east coast.
Adani Ports and Special Economic Zone (APSEZ) said: “Adani Ports (Adani) has entered into a non-binding Memorandum of Understanding with L&T Shipbuilding (L&T) for evaluating the operations of the Port at Kattupalli, Tamil Nadu, with effect from October 2015 for one month.
“Adani shall be responsible for EBIDTA gains and losses arising from the port operation for this period.”
Chairman Gautam Adani said: “It is a strategic location being very close to international shipping route and has the potential to become the biggest trans-shipment hub in the region.”
APSEZ is part of the Adani group, which is one of India's leading business houses with revenue of over $10 billion.