ON MARCH 26, India’s largest port operator Adani Ports and Special Economic Zone Ltd. (APSEZ) acquired Gopalpur Port in Orissa for ₹3,080 crore from Shapoorji Pallonji Group and Orissa Stevedores. Adani now owns 15 ports across India’s east and west coast — 355 million metric tonnes (MMT) capacity in the West and 272 MMT in the East. Besides, APSEZ operates Israel’s largest port Haifa, has O&M contracts at ports in Australia and Tanzania, and is building a container terminal at Colombo.
Phase one — with a capacity of 18 MMT — of India’s first deepwater international seaport and container transhipment terminal at Vizhinjam near Thiruvananthapuram will be operational next year. The port, 10 nautical miles from the international sea route, will make India a key player in global sea trade. “Vizhinjam has the potential to compete with Colombo, Singapore, Port Klang and Jebel Ali,” Karan Adani, MD, APSEZ, said during the inauguration.
The moves are part of Karan’s aim to make APSEZ the world’s largest port operator (and carbon neutral) by 2030. APSEZ invested around ₹27,000 crore on capacity expansion and six acquisitions in FY23 alone. Revenues grew 22% YoY to ₹20,852 crore in FY23, while net profit rose 9% to ₹5,393 crore. For the first nine months of FY24, revenues increased 32% YoY to ₹19,814 crore, while PAT went up 43% to ₹6,089 crore. APSEZ handled 420 MMT of cargo in FY24, 24% increase YoY, with domestic ports contributing over 408 MMT.
Other than APSEZ, Karan also oversees the cement business of the group, as an independent and non-executive director.
According to insiders, Karan plays a key role in strategic decisions at the group level, especially in bringing alliances and investors in various businesses. — P.B.Jayakumar