Shares of Adani Ports and Special Economic Zone surged 3 percent on BSE after the announcement of development of a dry bulk terminal at Kandla Port in Gujarat with an investment of about Rs 12 billion.
The terminal, which will be developed by its unit Adani Kandla Bulk Terminal Pvt Ltd, will have a capacity of 20 million metric tonnes per annum (MMTPA) and will be constructed in 24 months, the company said in a statement.
Adani Group, of which Adani Ports and SEZ is a part, owns and operates three ports—Mundra and Dahej in India and Abbot Point in Australia and is also developing ports at Hazira, Mormugao, Visakhapatnam and Kandla in India and Dudgeon Point in Australia.
The group aims to increase its annual cargo handling capacity from 78 million metric tonnes (MT) in 2012 to 200 million MT by 2020, it said.
The company’s stock is up 3 percent to Rs 124.60 on BSE.