CT2, with four berths, has an annual cargo handling capacity of 1 million TEUs and managed 0.82 million TEUs of containers in 2023, estimated to be 83% of Tanzania’s total container volumes Dar es Salaam Port is a gateway port with a well-connected network of roadways and railways.
East Africa Gateway Ltd (EAGL) has been incorporated as a joint venture between AIPH, AD Ports Group, and East Harbour Terminals Ltd (EHTL). APSEZ will be the controlling shareholder and will consolidate EAGL on its books.
Also Read: New Chapter for bankrupt WeWork; Indian-born software billionaire Anant Yardi takes over as CEO
EAGL has signed a share purchase agreement for the acquisition of a 95% stake in Tanzania International Container Terminal Services Ltd (TICTS) from Hutchison Port Holdings Ltd (and its affiliate Hutchison Port Investments Ltd) and Harbours Investment Ltd for a purchase consideration of $39.5 million.
TICTS currently owns all the port handling equipment and employs the manpower. Adani will operate CT2 through TICTS.
Karan Adani, Managing Director of APSEZ, said, “The signing of the concession for Container Terminal 2 at Dar es Salaam Port is in line with APSEZ’s ambition of becoming one of the largest port operators globally by 2030.
Also Read: Internal talent promotion key factor in achieving 5X growth, says M&M
We are confident that with our expertise and network in ports and logistics, we will be able to enhance trade volumes and economic cooperation between our ports and East Africa. We will strive to transform Dar es Salaam Port into a world-class port.”
Shares of Adani Ports and Special Economic Zone Ltd ended at ₹1,437.70, up by ₹54.30, or 3.93% on the BSE.
Credit: Source link