Adani Ports and SEZ (APSEZ) Limited, the largest private sector port operator in the country, has made the highest bid for the West Bengal government’s Tajpur port project. News agency PTI has given this information quoting an official source.
“APSEZ has bid for 0.25 per cent of the gross revenue while another company had bid for 0.23 per cent stake,” the official said. The official said the revenue share would increase to 4 per cent but that would be at the end of the 99-year grace period. The official said that after the APSEZ emerged as the largest bidder, a proposal has been prepared which would be put up for the final approval of the state cabinet.
The source said that APSEZ has outperformed JSW Group in the port race. Only APSEZ and JSW were involved in the financial bidding round. However, some other companies had expressed interest in the initial round.
Estimated cost around 7,000 crores: Located in East Medinipur district of West Bengal, the estimated cost of the project is around Rs 7,000 crore. The West Bengal government is expecting the first phase of the project to be completed and operational in three-four years. APSEZ has taken control of many ports of the country through acquisition, construction and development in less than two decades.
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Let us tell you that about 24 percent of the country’s port capacity is now with the Adani Group. Meanwhile, the stock of Adani Ports registered a rise of 1.38 per cent on Friday. The share price was at Rs 743.10 at the end of trading.