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Adani, JNPT to bid for acquiring troubled Dighi Port

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Adani, JNPT to bid for acquiring troubled Dighi Port

Jawaharlal Nehru Port Trust (JNPT) in Navi Mumbai and Adani Ports, India’s largest private sector port operator are likely to bid for the bankrupt Dighi Port.

The Dighi Port was declared bankrupt by the National Company Law Tribunal (NCLT) in April, 2018.

South Koren Steel company Posco is also reported to be in the contention.

Cash-rich JNPT, India’s biggest container port, is looking for investment opportunities to expand its capacity.

Dighi Port is a minor greenfield port located in the Raigad district of Maharashtra, along the Konkan coast. Dighi Port, jointly promoted by Balaji Infra Projects Ltd and IL&FS Ltd. However, because of poor hinterland connectivity, the port, which has a 30 million tonne capacity to handle coal, bauxite and containers, has only started partial operations.

It owes ₹30 crore to DBM Geotechnics to construct multi-purpose berths 1 and 2 at Dighi and berth No 3 at Agardanda, also in Maharashtra. The National Company Law Tribunal (NCLT) ordered corporate insolvency resolution process of Dighi Port on a petition by DBM Geotechnics and Constructions Pvt Ltd, an operational creditor.

The last date for buyers to submit expressions of interest is 21 September, according to disclosures made under NCLT.

Adani Ports and Special Economic Zone (APSEZ) is the country’s largest port developer and operator with 10 ports and terminals on both the western and eastern coasts—Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Visakhapatnam in Goa, Visakhapatnam in Andhra Pradesh, Vizhinjam in Kerala and Kattupalli and Ennore in Chennai.

APSEZ represents 24% of India’s total port capacity and is also developing a transshipment port at Vizhinjam, Kerala.