Tuesday, June 25, 2024

Adani Ports & SEZ eyes significant expansion into the Philippines

PUNJAB NEWS LINE | May 04, 2024 01:46 PM

NEW DELHI: Adani Ports and Special Economic Zone (APSEZ) is planning to invest significantly in the Philippines, and is looking at Bataan for its port development plan, the Philippines government has said.

Bataan is a province on the Philippine island of Luzon.

According to a statement from the Philippines Presidential Office, APSEZ is planning to invest owing to the "stability in regulation and business environment" under the President Ferdinand R Marcos Jr administration.

“Your Excellency, as a private sector, what we always look for is stability. Stability in the regulation, stability in the environment that we are operating in. That is what, as you said, you are providing,” Karan Adani, Managing Director, APSEZ, told President Marcos during a meeting at Malacanang Palace in the Philippines.

APSEZ is looking at Bataan for its port development plan, Karan Adani said, adding it could be a good opportunity for the company.

The company plans to develop a 25-metre-deep port that can accommodate Panamax vessels.

"On the other hand, the Adani Group is planning to invest in ports, airports, power, and defense," said the official statement.

Welcoming APSEZ’s expansion plans in the Philippines, President Marcos said it may focus on ports "handling agricultural products to enable the Philippines to eventually compete globally”.

APSEZ has seven ports and terminals along the west coast and eight on the east coast of the South East Asian country.

Meanwhile APSEZ has registered a 50 per cent jump in net profit at Rs 8,104 crore for FY24, reaching a record volume of 420 MMT (million metric tonnes) which is 24 per cent growth (year-on-year).

According to the company, the revenue for FY24 grew by 28 per cent (year-on-year) to reach a record high of Rs 26,711 crore.


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