Adani to Buy Kattupalli Port from L&T
Larsen & Toubro (L&T) announced it has entered into an in-principle agreement with Adani Kattupalli Ports Private Limited (AKPPL), a subsidiary of Adani Ports and Special Economic Zone (APSEZ), for the sale of Kattupalli Port in Tamil Nadu on India’s east coast.
Kattupalli, a deepwater port with an international container terminal located 35 kilometers from Chennai, Tamil Nadu, and well connected to the hinterland, began commercial operations in January 2013 It features two berths with a total quay length of about 710 meters and is equipped to handle containers with an installed capacity of 1.2 million TEUs per annum.
L&T, who currently operates both the port and shipyard through its subsidiary, L&T Shipbuilding Limited (LTSB), said the strategic sale is subject to receiving the necessary approvals from the Government of Tamil Nadu and Central Government, as well as the port being demerged from LTSB.
While awaiting these approvals, L&T has reached an arrangement with AKPPL to hand over port operations in the meantime.