look news india
Adani Group Chairman Gautam Adani is going to increase his investment in South India's new mega port Vizhinjam. This investment will now be $ 2.4 billion (about Rs 20,000 crore). Adani Group's big plan is to rapidly expand the port to accommodate the world's largest ships. Karan Adani, MD of Adani Ports and Special Economic Zone Limited, has said that he plans to invest $ 2.4 billion in Vizhinjam International Transshipment Terminal by 2028. The target is to increase the initial plan of 3 million TEUs five times to 5 million TEUs.
Adani said the timeframe for the expansion has been extended from the value target of 2045 to 2028 to capture a bigger share of the international maritime trade currently led by China. Strategically located near the southern tip of India, Vizhinjam is close to major international sea routes and has some of the deepest shipping channels that can accommodate large vessels.
Earlier this was the only investment
The Adani Group had earlier set an investment of Rs 10,000 crore or $1.2 billion under the scheme, but the revised plan includes a ship-fuelling facility, a luxury cruise terminal and a 2 million tonne cement grinding unit.
China will be challenged
Gautam Adani's son Karan Adani said that earlier this plan was to be completed by 2045, but now it has been reduced to 2028. This change has been made for rapid expansion. At present, China is at the forefront in this matter. After the completion of this plan, big ships will also be able to come, which will also challenge China's trade.
Why are big ships not coming to India?
Notably, the Vizhinjam transshipment port inaugurated in October reflects the Adani Group's ambition to put India on the global maritime map. Currently, the world's largest container ships used to opt for ports in Colombo, Dubai and Singapore, bypassing India due to the insufficient depth of the port.
The new investment will also expand existing berths and breakwaters, increasing the port's capacity to handle some of the largest vessels, given its proximity to international shipping routes that handle 30% of global cargo traffic.
