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Adani Group Eyes Global Port Expansion with US Funding and Sri Lanka Project- updated

This expansion is part of the Adani Sri Lanka project. This aligns with the vision of Indian Prime Minister Narendra Modi for an Indian-Middle East-European Economic Corridor, which could pass through Adani's port in Haifa, Israel.

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Adani Group Eyes Global Port Expansion with US Funding and Sri Lanka Project- updated

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  1. Adani Group Eyes Global Port Expansion with US Funding and Sri Lanka Project

  2. Karan Adani, the CEO and whole time director of APSEZ, recently stated at a gathering in Sri Lanka that the Adani Group is searching for investment opportunities following the announcement of a substantial $553 million investment from the US government for its West Container Terminal in Colombo. Adani stated that Adani Ports is seeking more "opportunities in our neighbouring countries" during a press conference in Colombo. In addition to Sri Lanka and Israel, he said Adani Ports is exploring opportunities in Bangladesh, Tanzania, and Vietnam, as well as other East African and Southeast Asian countries.

  3. Plans for overseas growth as part of the Adani Sri Lanka project Despite being the most significant port operator in India, Adani Group is still a minor player in the global scene when compared to China, which owns or has investments in over 90 ports outside of its borders, 13 of which are majority Chinese-owned. TCG Asset Management Co.'s Chief Investment Officer, ChakriLokapriya, stated that the Group's goal is seen as a "strategic" move meant to counter China's expanding influence in the area. Following a military coup in Sri Lanka, the conglomerate was forced to postpone plans to build a port in Myanmar. This expansion is part of the Adani Sri Lanka project. This aligns with the vision of Indian Prime Minister Narendra Modi for an Indian-Middle East-European Economic Corridor, which could pass through Adani's port in Haifa, Israel.

  4. US funding is a "reaffirmation" of international support In addition to Sri Lanka and Israel, Adani Ports is exploring opportunities in Bangladesh, Tanzania, and Vietnam, as well as other East African and Southeast Asian countries, according to Adani Group C.E.O. Karan Adani. He went on to say that the US financing, which the International Development Finance Corporation supports, is a "reaffirmation" of international support for the businesses owned by the Indian conglomerate. Adani Ports, in a joint venture with the US International Development Finance Corporation, has announced that it will finance the development of a deep-water shipping container terminal in the Port of Colombo. Speaking about the Adani Group's port operations, Adani stated that port accounts generate 90% of Adani Ports and Special Economic Zone's revenue and that this pattern will hold as the business grows in India. The Adani Group is merely playing catch-up, he continued, adding that trade is booming.

  5. Q2 outcomes of Adani Ports In comparison to the same quarter in the year 2022, when it was Rs. 1,677.48 crores, Adani Ports & Special Economic Zone Ltd. reported that its net profit for the September quarter increased 4.19 per cent year over year (YoY) to Rs. 1,747.85 crore. Revenue increased by 27.6% YoY to Rs. 6,646.41 crore from Rs. 5,210.80 crore, comparing the same quarter in the year 2022 to this one. Profit for the first half of the fiscal year increased by 33% to Rs. 3,881 crore, while sales increased by 26% to Rs. 12,894 crore. EBITDA increased by 49% year over year to Rs. 7,429 crore in the first half of the current fiscal year. Adani Ports achieved a significant milestone in H1 FY24 with record-breaking half-yearly revenue of Rs. 12,894 crore, EBITDA of Rs. 7,429 crore and 203 MMT in cargo.

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