BAJAJ BROKING
Adani Ports' subsidiary secures a 30-year concession to manage Dar es Salaam Port's CT2 in Tanzania, causing the stock to rise more than 10%. The port handled 0.82 million TEUs in 2023. The $39.5 million deal aims to boost East Africa-India trade.
Adani International Ports Holdings Pte Limited (AIPH), a subsidiary of Adani Ports and Special Economic Zone Limited (APSEZ), announced on Friday that it had secured a 30-year concession to operate and manage Container Terminal 2 (CT2) at Dar es Salaam Port in Tanzania.
This strategic move marks a major expansion for Adani Ports and Special Economic Zone Limited in East Africa and helped the company’s stock rise by more than 10% on June 3.
Additional Read: Adani Ports and Special Economic Zone Share Price Today
In 2023, Dar es Salaam Port managed 0.82 million twenty-foot equivalent units (TEUs) of containers, accounting for 83% of Tanzania’s total container volume. CT2, equipped with four berths, boasts an annual handling capacity of 1 million TEUs. This makes it a critical infrastructure asset in the region.
East Africa Gateway Limited (EAGL) has been formed as a joint venture involving AIPH, AD Ports Group, and East Harbour Terminals Limited (EHTL). APSEZ will be the controlling shareholder and will consolidate EAGL in its financial statements.
As part of the agreement, EAGL will acquire a 95% stake in Tanzania International Container Terminal Services Limited (TICTS) from Hutchison Port Holdings Limited and Harbours Investment Limited for $39.5 million. TICTS, the current operator of CT2, will continue to manage the port's equipment and workforce under the new leadership of Adani Ports.
Additional Read: All You Need to Know About Adani Ports and Special Economic Zone
The Dar es Salaam Port is recognized as a gateway port with a well-connected network of roadways and railways, further enhancing its strategic importance. This connectivity is expected to play a pivotal role in increasing the efficiency and volume of trade through the port.
By securing this long-term concession, Adani Ports aims to leverage CT2's capacity and strategic location to drive substantial growth in trade and economic activity in the region, solidifying its position as a key player in the global port operations industry.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Disclaimer :
The information on this website is provided on "AS IS" basis. Bajaj Broking (BFSL) does not warrant the accuracy of the information given herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or suitability for any particular purpose. While BFSL strives to ensure accuracy, it does not guarantee the completeness, reliability, or timeliness of the information. Users are advised to independently verify details and stay updated with any changes.
The information provided on this website is for general informational purposes only and is subject to change without prior notice. BFSL shall not be responsible for any consequences arising from reliance on the information provided herein and shall not be held responsible for all or any actions that may subsequently result in any loss, damage and or liability. Interest rates, fees, and charges etc., are revised from time to time, for the latest details please refer to our Pricing page.
Neither the information, nor any opinion contained in this website constitutes a solicitation or offer by BFSL or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.
BFSL is acting as distributor for non-broking products/ services such as IPO, Mutual Fund, Insurance, PMS, and NPS. These are not Exchange Traded Products. For more details on risk factors, terms and conditions please read the sales brochure carefully before investing.
Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For more disclaimer, check here : https://www.bajajbroking.in/disclaimer
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading