(Reuters) – Adani Ports and India’s Special Economic Zone plan to increase investment to 100 billion rupees ($1.20 billion) to boost its container transshipment port in southern India, Bloomberg News reported on Thursday -fair.
The investment in the port of Vizhinjam, in the state of Kerala, is part of the second phase of the project, which should be completed by 2028, adds the report, which cites people with knowledge of the matter.
Construction of the US$900 million port was halted for four months due to protests in 2022.
The port, which is of strategic importance to both India and company owner Gautam Adani, will, upon completion, be the country’s first container transshipment hub, rivaling Dubai, Singapore and Sri Lanka, Adani Ports said.
Container lines such as MSC Mediterranean Shipping Co., AP Moller – Maersk A/S and Hapag-Lloyd are being courted to call at the port, Bloomberg News reported.
Adani Ports did not immediately respond to a Reuters request for comment.
($1 = 83.5020 Indian Rupees)
(This story has been corrected to remove reference to Adani-Modi relationship in paragraph 4)
(Reporting by Urvi Dugar in Bengaluru; Editing by Muralikumar Anantharaman)
