Adani Ports & SEZ Ltd, India's largest port developer and part of Adani Group, has signed an agreement with the CMA CGM Group of France to develop a new common user Container Terminal at Mundra Port in India.
This will be the 4th Container Terminal in Mundra capable of handling 1.3 million TEUs annually.
Following this announcement, the construction phase will be initiated immediately and completion will be in 24 months. The project comprises of design and construction of a 650 meters terminal along with 27 hectares of back area with a water depth of 16.5 meters.
This world class terminal will initially have four units of 65 tonne capacity of Rail Mounted Quay Cranes capable of handling 18,000 TEU vessels and Super Post and Ultra Large Container Vessels. These cranes would be by far the largest and first of its kind in India. The yard equipment will include twelve 41 tonne lift rubber tyred gantry (RTG) cranes which will accommodate seven rows of containers and one operational lane.
Gautam Adani, Chairman of the Adani Group, stated:
We are very pleased with this JV partnership that will help put our continued expansion at the Mundra port on an even steeper trajectory. The strategic value of such a partnership with a major global player like CMA CGM is hugely significant and opens up a whole set of additional opportunities and synergies for both the companies. This new container terminal will be an absolutely world class facility that will stimulate the growth of cargo benefiting our customers as well as help accelerate the industrial development over the vast hinterlands that Mundra provides access to. This will make Mundra the largest container port in the country.
Farid T. Salem, Executive Officer of CMA CGM and Director of the Board stated:
We believe in the development of India and of its economy. With this investment, CMA CGM and Adani Ports will develop a state-of-the-art infrastructure that will play a key role for the development of the country's industry. CMA CGM has strong ambitions in India. We have already a strong presence in India, through our 24 offices and our 8 direct shipping services. We are convinced our partnership with Adani Ports will significantly reinforce this strategy.
The Adani Group said that this 50:50 JV partnership is another major step by APSEZ to continue to rapidly expand its container terminals footprint across India's coastline and further augments APSEZ's existing two container handling locations at Mundra and Hazira along with its already announced two container terminals to be constructed at Ennore in Chennai and Dhamra in Odisha. It will allow Adani Ports to fulfill its stated vision of handling 200 million metric tonnes of cargo well before the year 2020.
The development of Adani Port & Special Economic Zone Limited was conceptualized by the entrepreneur Mr. Gautam Adani. Mundraport was the first one to be developed in October 1988 with just one berth. In a short span of just 12 years Mundra Port achieved 100 million metric tonnes of commercial cargo in a year thereby becoming India's largest commercial port.
For CMA CGM, Mundra Container Terminal is the group's first port investment in India.