Adani eyes South China Sea, plans port development in Philippines' Bataan - Hindustan Times
close_game
close_game

Adani eyes South China Sea, plans port development in Philippines' Bataan

May 04, 2024 04:36 PM IST

Adani Ports aims to develop a deep port in the Philippines and plans investments in various sectors, including ports, airports, power, and defence.

Adani Ports and Special Economic Zone (APSEZ), India's largest private port operator, is eyeing the Philippines' Bataan for its port development plan.

Karan Adani, managing director and chief executive director of Adani Ports and Special Economic Zone Ltd.(Bloomberg)
Karan Adani, managing director and chief executive director of Adani Ports and Special Economic Zone Ltd.(Bloomberg)

During a courtesy call with President Ferdinand R Marcos Jr at Malacañang on Thursday, APSEZ managing director Karan Adani expressed the company's interest in "stability and favourable regulatory environments".

“Your Excellency, as a private sector, what we always look for is stability. Stability in the regulation, stability in the environment that we are operating in. That is what, as you said, you are providing,” Karan Adani told president Marcos, a press release from the Philippines president's office said.

ALSO READ- Six Adani group companies receive show-cause notices from Sebi: Report

The company plans to develop a 25-meter-deep port that can accommodate Panamax vessels. Adani Group, meanwhile, is also planning investments in ports, airports, power, and defence sectors.

President Marcos advised starting regionally, with the ports initially serving local or domestic shipping needs before expanding to the international market.

President Marcos suggested that the company start regionally. The ports could also cater to local or domestic shipping before shifting to the international market, he added.

ALSO READ- Gautam Adani says proud to be India’s first ‘das hazari’ on Adani Green Energy's milestone

Adani Ports quarterly results

Adani Ports saw its fourth-quarter profit soar by 76% on Thursday, thanks to record cargo volumes.

The company reported a consolidated net profit of 2,040 crore for the quarter ending March 31, up from 1,158 crore rupees in the same period last year.

ALSO READ- Tata Projects restores its profitability

Adani Ports achieved its highest-ever quarterly volumes, handling 10.9 crore metric tonnes (MMT) of cargo in January-March. This surge in activity boosted revenue by 19 per cent to 6,897 crore as business picked up pace in early 2024.

APSEZ operates at 13 ports and terminals across India, including Mundra, the country's largest container handling port in Gujarat.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Breaking News Events and Latest News Updates on Hindustan Times.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, July 25, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On