Adani Ports Announces it Is Developing Colombo Port WCT Project
The company said it has received a letter of intent from the Sri Lankan authorities.
A general view of the Colombo port. Photo: Reuters/Dinuka Liyanawatte
New Delhi: About two weeks after the Sri Lankan cabinet approved the project, Adani Ports announced that it will develop and operate the Colombo portâs West Container Terminal (WCT) for a period of 35 years.
Adani Ports was earlier supposed to have been developing the East Container Terminal as part of a 2020 trilateral pact between India, Japan and Sri Lanka. However, the Sri Lankan government withdrew from that pact and decided to develop the East Container Terminal through its state firm, under pressure from trade unions and opposition parties.
Updated Mar 15, 2021 | 18:36 IST
GPL is the second-largest non-major port in Andhra Pradesh on the east coast of India. Representational Image
UBS in their latest report maintains BUY with a target price of Rs 640 per share on Adani Ports and Special Economic Zone (APSEZ). UBS says the market leadership position of Adani Ports is strengthening. East-west parity and differentiated capabilities will cement market dominance.
Expanding footprint in the east will further drive market share gains and pan-India presence. According to UBS, market concerns around group financials are progressively resolving and overall the higher multiple up from 16x is reflective of the company s improved competitive position.
INDIA New England News
New Delhi–Adani Group Chairman Gautam Adani has achieved a remarkable milestone amid the Covid-19 pandemic, as he added the highest wealth to his fortune in the world, as per the latest Bloomberg Billionaires Index.
The Bloomberg Billionaires Index showed that so far in 2021, Adani has added $16.2 billion, taking his total net worth to $50 billion. With this surge in his wealth, Adani is now the 26th richest person in the world.
He even beat two of world’s richest individuals, Jeff Bezos and Elon Musk, in terms of wealth generation this year. While Musk has added $10.3 billion to his net worth so far, Bezos has seen a downturn of 7.59 billion.
Updated Mar 13, 2021 | 17:59 IST
The Congress leader s remarks have come after the news report said that Gautam Adani added USD 16.2 billion to his wealth in 2020. Congress leader Rahul Gandhi | Photo Credit: PTI
Key Highlights
Gautam Adani has beaten Amazon founder and CEO Jeff Bezos and Tesla CEO Elon Musk in terms of wealth surge this year
Adani s net worth now stands at USD 50 billion
New Delhi: Congress leader Rahul Gandhi on Saturday took a dig at industrialist Gautam Adani s wealth surge this year and questioned how is he making money when everyone else has been struggling with the COVID-19 pandemic.
New Delhi, March 12
Adani Group Chairman Gautam Adani has achieved a remarkable milestone amid the Covid-19 pandemic, as he added the highest wealth to his fortune in the world, as per the latest Blo