Gautam Adani takes another huge step, set to invest Rs 10000 crore in...

In a bid to expand southern India's transshipment container port, the billionaire Gautam Adani-led Adani Ports and Special Economic Zone (APSEZ) is reportedly planning to increase its investment to Rs 10,000 crore, or $1.2 billion. Adani plans to bring some of the largest ships in the world to the port. 

The second phase of the project, which is expected to be completed by 2028, includes the investment in the first-ever Vizhinjam port in the state of Kerala, according to persons with knowledge of the Adani Group's plans who wished to remain anonymous since the specifics have not been made public. The largest container lines, including Hapag-Lloyd, AP Moller - Maersk A/S, and MSC Mediterranean Shipping Co., are being courted to visit the port. 

Adani Ports' stock, however, marginally declined on Thursday. On the BSE, the stock ended the day at Rs 1,484.55, down 0.19 percent. The stock of the Adani group has increased by 105.02% during the last year and by 41.65% year to date.

The port received Maersk's vessel "San Fernando," which carried more than 2,000 containers. The customary water salute was given to the ship, and she was successfully berthed after that. 

“Historic Day as Vizhinjam welcomes its 1st container vessel! This milestone marks India's entry into global transshipment and ushers in a new era in India's maritime logistics, positioning Vizhinjam as a key player in global trade routes. Jai Hind!” said Adani on social media. 

The monies allocated for the October 2018 opening of Vizhinjam Port will be utilised to extend the port's breakwater and lengthen the berth currently in place. A breakwater is a type of rock barrier designed to keep waves out of the harbour. 

In addition to a cruise terminal that can handle big luxury lines, the Vizhinjam terminal would have bunkering facilities to fuel ships and plans to purchase additional cranes to improve capacity.

A larger share of the global maritime trade, which is now dominated by nations like China, is what India is looking for. Large containers prefer to dock in ports like Colombo, Dubai, and Singapore because this location's harbours aren't deep enough to accommodate the vessels.