Billionaire Gautam Adani’s conglomerate plans to build a port in Vietnam as a part of their expansion plans to develop infrastructure overseas and increase trade opportunities reported Bloomberg on Saturday, July 13.
Adani Group’s port company, Adani Ports and Special Economic Zone Ltd. has acquired an “in-principle approval from the Vietnamese government” for a new greenfield development in the country, reported Bloomberg quoting Karan Adani from an interview.
The project is at an early stage of planning and the total investment required has not been finalized but the development will have container terminals and multipurpose berths to handle different types of cargo coming into the port, he said.
Adani Group owns a total of three international port infrastructures. This development comes after the Haifa port in Israel, making it the fourth international port in Adani’s arsenal. The other ports owned by Adani are Colombo Port in Sri Lanka and Port of Dar es Salaam in Tanzania.
Adani’s new mega-domestic Vizhinjam Port in Kerela saw the arrival of the San Fernando cargo mothership. The company seeks to increase the pace of expansion of its port facilities to take control of a bigger share in international maritime trade, currently market dominated by China.
“We are targeting countries that are high on manufacturing or high on population, which will lead to high consumption. We are focusing on export volumes in these countries,” said Karan Adani, chief executive officer of Adani Ports and Special Economic Zone, reported Bloomberg. “The idea is to make India a maritime hub,” he said.
Adani in the ports business has taken over to become the largest operator of ports in India. Karan Adani said that the company seeks to increase its international operations which currently stand at 5 per cent from international, and they are working towards increasing it to the ratio of 10 per cent by 2030.
He also said that the ports giant is also exploring opportunities in the Middle East, South East Asia, East Africa, Bangladesh, Sri Lanka, Maldives, Vietnam and Cambodia from where the trade business opportunities come to India, as per the report.
Bloomberg reported on July 13, that the Adani Group plans to double its investments to $2.4 billion in its new mega port in South India, to draw in the biggest container ships trading across the world.