Gautam Adani Group’s giant Adani Ports and Special Economic Zone Limited (APSEZ) is set to grow globally.
Gautam Adani Group’s giant Adani Ports and Special Economic Zone Limited (APSEZ) is set to grow globally. Indeed, APSEZ plans to acquire more ports in the Middle East, Africa and Southeast Asia. Adani’s move will not only make India a business hub but also challenge China’s dominance.
What’s in the report
According to a Bloomberg News report, poor shipping connectivity has caused disruptions in India’s maritime trade. In such a situation, the Adani Group company is looking for opportunities in the Middle East, South East Asia. Adani Ports is the world’s largest logistics operator by market cap. At the same time, India’s current container traffic is less than 10% of China, the world’s second largest economy.
Karan Adani gave hints
“We are working on making India the focal point of the overall supply chain from east to west. To achieve this, we will take positions wherever we need to. “We are looking for opportunities as a lot of business from these sectors happens with India,” said Karan, the 37-year-old elder son of billionaire Gautam Adani.
The acquisition drive comes at a time when the Adani Group is rapidly reviving its growth plans. The group’s development plans went awry after the Hindenburg report in January last year. However, in the last one year, group company Adani Ports has been steadily expanding its business.
Multiple acquired company
Adani Ports has already received “in-principle approval” from the Vietnamese government for a greenfield development in Da Nang, which could be worth more than $2 billion. In addition, the ports of Haifa in Israel, Colombo in Sri Lanka and Dar es Salaam in Tanzania have also been acquired. Adani’s ambitions in this area are aligned with Indian Prime Minister Narendra Modi’s goal of making India a factory of the world.