Adani Group forays into warehousing, announces JV with DA Group

Adani Group forays into warehousing, announces JV with DA Group

The joint venture is a 50:50 partnership, and it will develop and operate logistics and warehousing parks in Ahmedabad and Kolkata

FPJ Web DeskUpdated: Saturday, December 24, 2022, 02:17 PM IST
article-image
Image credit: Wikipedia (Representative)

The Adani Ports and Special Economic Zone has started a storage operation. It declared that DA Group and its affiliates had inked a joint venture agreement with its subsidiary, Adani Logistics.

The joint venture is a 50:50 partnership, and it will develop and operate logistics and warehousing parks in Ahmedabad and Kolkata, according to the statement from Adani Ports shared with stock exchanges on Thursday evening.

Adani Logistics will nominate three directors to its board while DA Group will send two directors for the joint venture.

In a recent development, the Adani group and its Israel partner Gadot won the tender to privatise Israel's Haifa Port earlier this year.

In this regard, an Indian company winning a tender to privatise Haifa Port, a strategic asset for Israel, is a "wonderful, wonderful signal," Israel's Ambassador to India Naor Gilon said and noted that the two countries have excellent bilateral relations.

A consortium of Adani Ports and Special Economic Zone (APSEZ) and Israel's Gadot Group had in July won the tender to privatise the Port of Haifa, the second largest port in Israel, amid stiff competition from local and global players.

Through the winning bid, the Adani-Gadot consortium has secured the rights to buy 100 per cent shares of Haifa Port Company. The concession period for the Port of Haifa is still valid until 2054.

With inputs from Agencies.

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Blue Star Limited launches new range of ‘Best-in-Class Affordable’ room ACs

Blue Star Limited launches new range of ‘Best-in-Class Affordable’ room ACs

Here's the government's clarification on STT hike for trading in options

Here's the government's clarification on STT hike for trading in options

Tax relief for real estate, and infrastructure investments proposed in finance bill

Tax relief for real estate, and infrastructure investments proposed in finance bill

Nestle India Chairman says food inflation, recession to continue in 2023

Nestle India Chairman says food inflation, recession to continue in 2023

Mahindra acquires 7,67,59,301 shares of MAPL to make it a wholly-owned subsidiary

Mahindra acquires 7,67,59,301 shares of MAPL to make it a wholly-owned subsidiary