Adani to Develop New Port Terminal in West India, $243M Investment

MUMBAI (Dow Jones)–Adani Ports & Special Economic Zone Ltd. (532921.BY) said Monday it has received an initial letter from a government-run port trust to set up a port terminal in the western state of Gujarat.

The letter came after Adani was selected as the highest bidder in an auction called by the Kandla Port Trust, the company said in a statement.

Adani Ports plans to invest INR12 billion in developing the terminal, which will be operational by 2014 and will have an annual capacity to handle 20 million tons of cargo.

The project will be Adani’s sixth in India. It already has an operating port at Mundra in Gujarat and is developing others at Dahej, Hazira, Mormugao and Vishakhapatnam.

It also has a coal terminal at Abbot Point in Queensland, Australia.

-By Anirban Chowdhury, Dow Jones Newswires