Adani Group To Top-Up Dighi Port Bet With Another Rs 42,500 Crore Investment

The Adani Group has committed to invest another Rs 42,500 crore in the Dighi Port project in the coastal Konkan belt of Maharashtra, government officials said on Monday.

Group's flagship entity Adani Ports and Special Economic Zone -run Dighi Ports signed a memorandum of understanding with the Maharashtra Government to invest another Rs 42,500 crore for expansion of the port and related activities, an official said.

Chief Minister Devendra Fadnavis said the investment is part of 15 agreements entailing investments of over Rs 56,000 crore signed by the government on the sidelines of the India Maritime Week's opening day.

Exact details of the Adani Group's fresh commitment were not immediately known.

The group led by second-richest Indian Gautam Adani had taken over the bankrupt Dighi Port project in 2021 by putting a winning bid of Rs 705 crore, and committed to invest another Rs 10,000 crore for expansion on it at that time.

Fadnavis said the memorandum of understandings signed on the sidelines of the India Maritime Week are across a spectrum of aspects, including port and ancillary activity expansion, developing shipyards, technology, he said, without spelling out a timeline by which the investments will happen.

The Union government is aiming to sign investment agreements of Rs 10 lakh crore at the event, which got inaugurated on Monday.

"Cumulatively, the investment envisaged (in the MoUs signed by Maharashtra) is Rs 56,000 crore," Fadnavis said.

"I am sure that with all the MoUs, we will actually move forward towards achieving our goal of making Maharashtra a maritime superpower of India,' he hoped, and listed out salient features of the major agreements.

The agreements signed on Monday include one with an Adani Group entity for the expansion at Dighi port and also developing a very big industrial area around the port along with the central government," Fadnavis said.

The JSW Group has committed to invest Rs 3,709 crore to expand its facility at the Jaigad port, Fadnavis said, specifying that the expansion activities at ports along the 700-km coastline will help in the broader cause of integrating with global supply chains.

A government official said the Chowgule Group has made a commitment to invest Rs 5,000 crore in shipbuilding and repairs of ships and rigs.

Additionally, Synergy Shipbuilders has committed to invest Rs 1,000 crore towards similar activities through an agreement, the official said.

Goa Shipyard will also be investing Rs 2,000 crore for ship building, repair and reuse, the official said.

Apart from this, the Maharashtra government has also planned to start a 'water taxi' service from the recently inaugurate Navi Mumbai airport, he said, adding that the Adani group operated airport will be the first nationally to have such a service where passengers can travel to and from Gateway of India in South Mumbai.

The government is also creating a state of art marina in Mumbai for water transport and water sports ecosystem, he said.

Along with these, there are dedicated MoUs to develop technology, human resources, creating centres of excellence in the maritime sector which have been signed by Maharashtra, the chief minister said.

There were foreign entities hailing from the UAE, the Netherlands and Sweden who have committed to invest in Maharashtra's maritime infrastructure, the official said.

Premier technology institute IIT-Bombay has also signed up to create training facilities and also skill development initiatives for employees already engaged in the sector, he said.

"I'd like to assure that we will work closely with the central government and create the best ecosystem in the entire maritime business. Your journey will be seamless. We understand that we will succeed only if you succeed," the Maharashtra CM said.

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