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Adani Ports completes acquisition of Karaikal Port; pays Rs.1,485-Cr to creditors

BSE Announcement   Economic Times  

Publicly listed Adani Ports and Special Economic Zone (APSEZ) has completed the acquisition of Karaikal Port, an all-weather deep-water port in southern India. This development follows the approval of the group's resolution plan by the National Company Law Tribunal (NCLT). APSEZ will pay INR 1,485 crore (USD 181 million) to financial creditors. Adani Ports will spend a further INR 850 crore to upgrade infrastructure in order to reduce the logistics cost for the customers. In the financial year 2022-23, Karaikal Port, commissioned in 2009, handled 10 million tons of cargo.