The Adani Group will develop a port in India’s West Bengal state with a planned investment of more than $3 billion, as the port-to-power conglomerate continues to strengthen its grip on the local infrastructure and logistics sector.
Adani Ports & Special Economic Zones Ltd., controlled by the world’s second-richest man Gautam Adani, was selected on Monday to develop the Tajpur deep sea port, according to a statement from the state government. The greenfield project will involve a total investment of Rs 25,000 crore ($3.1 billion), of which Rs 15,000 crore will be used for port development and the rest for building related infrastructure, he said.
The latest win adds muscle to India’s largest private sector port operator, which already has a 30% share of the domestic market and has won global contracts, including the Haifa port project in Israel and a port terminal in Sri Lanka. It also underlines the desire for growth in the Adani conglomerate which has ramped up existing businesses and is rapidly entering new businesses such as cement, airports, media and data centres.
The state government, according to the statement, expects to create 25,000 direct jobs and over 100,000 indirect jobs through this port, which is about 105 miles from the state capital Kolkata.
A wholly owned subsidiary of Adani Ports signed an agreement last week for the modernization of the wharf at the Haldia port in West Bengal.