Adani Ports & SEZ handles more cargo than government for first time in FY24

It handled 420 MMT of cargo as compared with nearly 410 MMT of cargo by the government.
Adani Ports & SEZ handles more cargo than government for first time in FY24

NEW DELHI: This is the first time when Adani Ports and Special Economic Zone Ltd (APSEZ) handled more cargo than the government in one financial year, according to industry sources.

It handled 420 MMT of cargo as compared with nearly 410 MMT of cargo by the government. As per the Adani Ports, there has been a 24% year-on-year growth in handling cargo, with Mundra port handling the highest volume of 180 MMT. As per shipping ministry tweet, the country’s 12 major ports handled the highest-ever cargo of 819.4 MMT in FY24.

“The 12 major ports of government handled 819.4 MMT of cargo in FY24, out of which 50% of the cargo was handled by private players on a public-private-partnership (PPP) basis. So, the government’s share comes down to nearly 410 MMT, which is less than Adani Ports’ share. This is the first time, when it has happened,” the source said.

According to the government data, cargo traffic at 12 major ports during April-March 2022-23 increased by 8.8% to 783.50 million tonne from 720.29 million tonne cargo handled during April-March 2021-22.

“During FY24, more than one-fourth of all India cargo volumes was routed through APSEZ ports. This significant contribution by APSEZ underscores its active role in driving India’s growth trajectory. It also shows that India’s largest port operator comfortably surpassed its cargo volume guidance of 370 MMT - 390 MMT provided at the start of the financial year,” Adani Ports had said in a statement.

As per Adani Ports, this feat was achieved despite multiple challenges such as the global trade disruptions caused by the Red Sea crisis, Russia-Ukraine conflict and issues at the Panama Canal, and disruption of operations due to Cyclone Biparjoy and Cyclone Michaung.

Adani Ports has been strategically expanding its presence in the maritime sector through various acquisitions. It recently acquired Gopalpur Port in Odisha for Rs 3,080 crore from the Shapoorji Pallonji Group and Orissa Stevedores Ltd, marking its seventh port acquisition since 2014.

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