May 04, 2024 02:15 PM IST
Adani Ports aims to develop a deep port in the Philippines and plans investments in various sectors, including ports, airports, power, and defence.
Adani Ports and Special Economic Zone (APSEZ), India’s largest private port operator, is eyeing the Philippines’ Bataan for its port development plan.
During a courtesy call with President Ferdinand R Marcos Jr at Malacañang on Thursday, APSEZ managing director Karan Adani expressed the company’s interest in “stability and favourable regulatory environments”.
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“Your Excellency, as a private sector, what we always look for is stability. Stability in the regulation, stability in the environment that we are operating in. That is what, as you said, you are providing,” Karan Adani told president Marcos, a press release from the Philippines president’s office said.
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The company plans to develop a 25-meter-deep port that can accommodate Panamax vessels. Adani Group, meanwhile, is also planning investments in ports, airports, power, and defence sectors.
President Marcos advised starting regionally, with the ports initially serving local or domestic shipping needs before expanding to the international market.
President Marcos suggested that the company start regionally. The ports could also cater to local or domestic shipping before shifting to the international market, he added.
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Adani Ports quarterly results
Adani Ports saw its fourth-quarter profit soar by 76% on Thursday, thanks to record cargo volumes.
The company reported a consolidated net profit of ₹2,040 crore for the quarter ending March 31, up from ₹1,158 crore rupees in the same period last year.
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Adani Ports achieved its highest-ever quarterly volumes, handling 10.9 crore metric tonnes (MMT) of cargo in January-March. This surge in activity boosted revenue by 19 per cent to ₹6,897 crore as business picked up pace in early 2024.
APSEZ operates at 13 ports and terminals across India, including Mundra, the country’s largest container handling port in Gujarat.
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