Adani Ports and Special Economic Zone has clinched a deal to run a terminal at the Deendayal Port in Kandla, Gujarat.

What Happened: The company has received a letter of intent (LOI) for the development, operation and maintenance of a berth at the port for 30 years, it said in a press release on Tuesday. The Company will manage the berth on a design, build, finance, operate and transfer basis for multipurpose clean cargo, including container cargo, it added. 

The concession agreement will be signed within 30 days from the issuance of the LOI and is likely to be commissioned during FY27. The berth, which is 300 metres long and offers 5.7 million metric tonne capacity annually, will bulk up India's biggest private port operator's infrastructure portfolio.

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The project is estimated to cost ₹169.26 crore, according to ET Infra. Adani grabbed the deal by placing the highest royalty of ₹200 per ton after price bids were opened last week, it said.

The development comes as Gautam Adani is reportedly set to make longer strides in the shipping industry. The billionaire reportedly intends to initiate shipbuilding operations at the Adani Group‘s Mundra Port. Adani’s plan to build ships at the group’s flagship port comes as yards in countries like China, South Korea and Japan remain booked until 2028 it said.

Price Action: Shares of Adani Ports and SEZ were 0.61% up at ₹1,487 on Wednesday morning.

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