Adani Ports’ umbrella company, the Adani Group, is in talks to take over the operational and management side of Larsen & Toubro (L&T) Kattupalli International Container Terminal, based near Chennai, India, according to the Business Standard.
Adani Ports and Special Economic Zone, India’s largest port infrastructure developer, previously recorded massive revenue in October-December, 2014 of more than US$833 million.
An L&T spokesperson said: “As a matter of policy, L&T neither confirms nor denies market speculation.” An Adani spokesperson said: “We would not like to comment on any market speculation.”
A source close to the Adani Group said: “They (Adani Group) were looking at Gangavaram in Andhra Pradesh, Karaikkal (near Puducherry) and L&T’s Kattupalli (near Chennai). Gangavaram did not work out due to high valuation. Karaikkal has some other issues, though it is still under consideration. L&T is a safer bet for them.”
The Katapalli terminal currently services South East Asia and the East Coast of India and has two container berths. The terminal cost more than $620 million to complete and accommodates ships from Maersk Line.
