Adani Ports to invest in Philippines, eyes Bataan for port development
APSEZ Ltd. Managing Director Karan Adani meets with Philippines President Ferdinand R. Marcos Jr. in a courtesy call in Malacañang on Thursday (Photo: Philippines Presidential Communication Office)
India’s largest port operator Adani Ports and Special Economic Zone Limited (APSEZ) is looking to expand its operations into the Philippines, with plans to invest in port development, according to a release issued by the office of the president of Philippines.
APSEZ Managing Director Karan Adani met with the Philippines President Ferdinand Marcos Jr at Malacañang on May 2 in a courtesy call to discuss Adani Group’s plans for the port.
“Your Excellency, as a private sector, what we always look for is stability. Stability in the regulation and stability in the environment that we are operating in. That is what, you said, you are providing,” Adani said to the Marcos on Thursday.
APSEZ Ltd is eyeing Bataan for its port development project, aiming to establish a 25-meter-deep port capable of accommodating Panamax vessels.
President Marcos welcomed APSEZ’s expansion plans, suggesting a focus on ports handling agricultural products to enhance the Philippines’ global competitiveness. He emphasised the government’s efforts to develop gateways for tourism, business travel, and the efficient transportation of agricultural products.
APSEZ boasts seven strategically located ports and terminals on the west coast and eight on the east coast of India.
The company recently reported a significant increase in consolidated net profit for the fourth quarter that ended on March 31, with a jump of 76.87 per cent to Rs 2,014.77 crore compared to the previous fiscal year. Consolidated total income also saw growth, reaching Rs 7,199.94 crore for the same period.
Despite a rise in total expenses to Rs 4,450.52 crore in the quarter under review, APSEZ’s net profit for the financial year 2023-24 surged by 50 per cent to Rs 8,103.99 crore.
Highlighting its contribution to India’s logistics sector, APSEZ revealed that it handled 27 per cent of the country’s total cargo and 44 per cent of container cargo in the fiscal year 2023-24. Furthermore, ten ports in its Indian portfolio achieved their highest cargo volumes to date during the year.
Shares of APSEZ were trading at Rs 1,320.35 on the BSE on Saturday at 9:50 am.
First Published: May 04 2024 | 10:25 AM IST