Adani May Invest Rs 10000 Crore On 100 Mt Port In Orissa (19-Feb-2010)
With a view to further develop its business, Adani Group is eyeing to invest Rs. 10,000 crore for setting up a 100 mn tonne per annum port in Orissa.
The company plans to develop the port named as - Adani Kalinga Port, in 2 phases where the investment would be made in equal proportion of Rs. 5,000 crore in both the phases.
The Group had also given a presentation to Mr. Naveen Patnaik - Chief Minister of Orissa, on its investment plans for Orissa. Mr. Rajesh Adani - MD of Adani Group and Mr. Rajeev Sinha - Director of Adani Group promoted Mundra Port called on the state chief minister at the state secretariat.
The proposed port would have 12 berths and will handle - coal, iron ore, liquid and containerized cargo.
The Group also plans to develop an industrial zone in the port area. Plans are also afoot to develop a road and railway network within the port.
The Group has other plans to invest in sectors like - power plant, edible oils and mining in the state of Orissa.
The Group has posted a net profit of Rs 3038.80 mn for the Q-3 ended 31st December 2009 as compared to Rs. 1313.20 mn for the corresponding period of the previous year. Total Income has decreased from Rs. 66567.30 mn for the Q-3 ended 31st December 2008 to Rs. 63825.30 mn for the Q-3 ended 31st December 2009.
The group was established in 1988 has grown from being a trading house to a diversified and dynamic business group with interests from infrastructural development to FMCGs.
The Group has made foray into high growth sector like - Power, Infrastructure, Global Trading, Logistics and Energy.
The Group has the largest edible oil refining capacity in India, and is one of the largest trading houses in India.
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