Adani group set to enter Philippines

Gautam Adani

Rama Krishna Sangem

Gautam Adani led Adani group is set to expand to Philippines. India’s largest port operator Adani Ports and Special Economic Zone Limited (APSEZ) is looking to expand its operations into the Philippines, with plans to invest in port development, according to a release issued by the office of the president of Philippines.

APSEZ Managing Director Karan Adani met Philippines President Ferdinand Marcos Jr at Malacañang on May 2 in a courtesy call to discuss Adani Group’s plans for the port.

“Your Excellency, as a private sector, what we always look for is stability.Stability in the regulation and stability in the environment that we are operating in. That is what, you said, you are providing,” Adani told Marcos on Thursday.

APSEZ Ltd is eyeing Bataan for its port development project, aiming to establish a 25-meter-deep port capable of accommodating Panamax vessels.

 

President Marcos welcomes Adani

President Marcos welcomed APSEZ’s expansion plans, suggesting a focus on ports handling agricultural products to enhance the Philippines’ global competitiveness. He emphasised the government’s efforts to develop gateways for tourism, business travel, and the efficient transportation of agricultural products.

APSEZ boasts 7 strategically located ports and terminals on the west coast and 8 on the east coast of India.

The company recently reported a significant increase in consolidated net profit for the fourth quarter that ended on March 31, with a jump of 76.87 per cent to Rs 2,014.77 crore compared to the previous fiscal year. Consolidated total income also saw growth, reaching Rs 7,199.94 crore for the same period.

Despite a rise in total expenses to Rs 4,450.52 crore in the quarter under review, APSEZ’s net profit for the financial year 2023-24 surged by 50 per cent to Rs 8,103.99 crore.

Highlighting its contribution to India’s logistics sector, APSEZ revealed that it handled 27 per cent of the country’s total cargo and 44 per cent of container cargo in the fiscal year 2023-24. Furthermore, ten ports in its Indian portfolio achieved their highest cargo volumes to date during the year. Shares of APSEZ were trading at Rs 1,320.35 on the BSE on Saturday at 9:50 am.

 

Rama Krishna Sangem

Ramakrishna chief editor of excel India online magazine and website

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Rama Krishna Sangem

Excel India national news magazine is a media startup founded and piloted by Rama Krishna Sangem, a Hyderabad based senior journalist with over three decade experience in the field of media, mostly in print journalism. His rich experience in reporting for both Telugu and English newspapers and heading a TV news channel and some online outfits will be of immense use to this venture. Excel India English news magazine seeks to fill the gap of analytical understanding to our readers who today are confronted with myriad media platforms. Our online version not only offers regular updates and commentary on happenings around us, but also gives larger stories not limited by space constraints of a print magazine. Excel India is ably run by a team of senior journalists committed to values and quality standards in the profession. We urge you all to support and guide us in this endeavour. Reach us at excelindiaweb123@gmail.com