2024-07-15 00:02:32
New Delhi: Indian industrialist Gautam Adani intends to expand his business worldwide. Moving forward in this direction, he is planning to build a modern port in Vietnam. This project started by Adani Ports and Special Economic Zone Limited has received ‘in-principle approval’ from the Vietnamese government for greenfield development in Da Nang. This information was given by the company’s MD Karan Adani. According to a Bloomberg report, this project is still in its initial stages. It will have container terminals and multipurpose berths to handle different types of cargo. The details of the investment have not been decided yet.
Adani Group will have fourth international port
This will be the fourth international port of the Adani Group. Earlier, the group has ports in Haifa, Israel; Colombo, Sri Lanka; and Dar es Salaam, Tanzania. Just last Friday, Adani’s new mega port in South India welcomed its first mother ship. This shows how fast the company is moving to strengthen its hold in international maritime trade. This is a sector which is currently dominated by China.
Gautam Adani’s son Karan said, “Our aim is to establish India as a maritime hub. We are focusing on countries where there is large-scale production or large population, which leads to high consumption. Our aim is to increase the export volume in these areas.”
Adani is India’s largest port operator
As India’s largest port operator, Adani Ports currently derives about 5% of its total business from international activities. The company aims to double this figure to 10% by 2030. The company is exploring opportunities in the Middle East, Southeast Asia, East Africa, Bangladesh, Sri Lanka, Maldives, Vietnam and Cambodia. These are regions that are extremely important for India’s trade.
Adani is also increasing his investment in Vizhinjam port in South India. He has promised to invest $2.4 billion (about Rs 20 thousand crores) to expand it and attract some of the world’s largest ships. Karan had earlier said in a press conference that he plans to invest $2.4 billion in the Vizhinjam International Transshipment Terminal by 2028.
He aims to increase the port’s capacity fivefold to 5 million TEUs, up from an initial plan of 3 million TEUs. Adani has also pushed back the expansion deadline from 2045 to 2028 to better compete with China in the international maritime trade sector.