Adani Ports to Invest USD 290 Million in Myanmar

Adani-ports

Adani Ports and Special Economic Zone will set up its first container terminal outside India in Myanmar at an estimated cost of USD 290 million (over Rs 2,000 crore).

The company signed an agreement to develop and operate a container terminal at Yangon Port in Myanmar. Construction for phase one of the project will commence next month and will be completed by June 2021. It is a two-phase project.

“Total project cost for both phases would be USD 275-290 million. The investment is in line with APSEZ strategy to have a footprint in Southeast Asia and expand the container terminal network,” Adani Ports and Special Economic Zone (APSEZ) said.

Also, the terminal will be integrated with APSEZ ports/terminals along the east and south coast of India, unlocking synergies by offering multiple entry/exit points for shipping lines, APSEZ, the logistics arm of Adani Group, said. The BOT (build, operate, transfer)/ lease agreement is signed for 50 years; extendable twice for ten years each. years each.

“The terminal will have a capacity to handle 0.80 million TEUs (twenty-foot equivalent unit) of containers… The estimated cost for implementing phase I of 0.5 million TEUs is between USD 220-230 million and phase II expansion to 0.8 million TEUs is expected to cost between USD 55–60 million,” it added.

The Correspondent Bureau with inputs from agencies

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