Karan Adani Says Group Looking At Strategic Ports In Nearby Countries After U.S. Backs Colombo Terminal
The U.S. has announced $533-million financing for the Colombo port terminal being developed by the conglomerate.
The Adani Group is looking at nearby countries for strategic ports infrastructure to integrate supply chain with India acting as a hub, Karan Adani said after the U.S. announced $533-million financing for the port terminal in Colombo, Sri Lanka being developed by the conglomerate.
The airports-to-apples group is seriously looking at port operations in Bangladesh, East Africa, Middle East, SE Asia and Vietnam, Adani, chief executive officer and director at Adani Ports and Special Economic Zone Ltd., told reporters in Colombo.
The U.S. support for the deepwater terminal through the International Development Finance Corp. underscores New Delhi’s and Washington’s efforts to curtail China’s influence, as it has invested more than $2 billion in Sri Lanka to build infrastructure before the island nation faced economic meltdown.
Adani said the group has also put in a proposal for a renewable business in Sri Lanka as the country is “blessed with good winds” on the west coast. “We plan to set up 500-megawatt wind project in the first phase.”
The conglomerate will also set up a cross-country transmission line to connect Indian grid for power export to India, Adani said.
The planned capex is $750 million and it will be the “cheapest electricity” for Sri Lanka, he said.
Shares of Adani Ports and SEZ Ltd. were trading 2.34% higher at 11:35 a.m., close to the day's high of Rs 816.4 apiece. The benchmark NSE Nifty 50 was up 0.15%.
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