CMA CGM to Expand Indian Port with Adani

By MarEx 2014-07-04 19:31:00

CMA CGM Group, the world's third-biggest container shipping group, will partner with India's Adani Ports and Special Economic Zone Ltd to build a new container terminal in western India, the French firm's first port investment in the country.

The terminal, the fourth at Adani's Mundra complex in the state of Gujarat, will be built over two years in a 50-50 joint venture, Adani Ports said in a statement on Friday.

The terminal will add 30 percent to Mundra's capacity, making it the biggest port in India, Adani Ports said.

Adani Ports, part of billionaire Gautum Adani's conglomerate, has expanded its ports business in recent years to become the country's largest port developer. In May, it said it had bought the port of Dhamra on the eastern coast of India.

Copyright Reuters 2014.