Gautam Adani: Gautam Adani won another port, Vedanta and Jindal were also in competition – adani ports and sez takeover karaikal port nclt approves
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Adani Port CEO Karan Adani said that after the arrival of Karaikal Port, Adani Group now has 14 ports across the country. This port is near the industrial centers of Tamil Nadu. A big refinery is also being built near it. Karan Adani said that the company will spend Rs 850 crore to upgrade the infrastructure at the port. Hence, there will be reduction in logistics cost for the customers. He said that we are working with the target of doubling its capacity in the next five years. Along with this, a container terminal will also be added to it to make it a multipurpose port.
Hindenburg sting
Karaikal Port was established in 2009. It is located about 300 km south of Chennai, the capital of Tamil Nadu. It is the only major port located between Chennai and Tuticorin and has easy access to industries located in the central areas of Tamil Nadu. Due to a report of Hindenburg Research on January 24, many projects of Adani Group had to be abandoned. The group’s emphasis is now on debt reduction rather than expansion. In this report, Adani Group was accused of tampering with the price of shares. However, the group has denied these allegations. But this caused its shares to fall for more than a month.
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