Adani Ports gets operation and maintenance contract at Kolkata Port, shares rise

The Gautam Adani-led company will have to deploy cargo handling equipment within seven months of the five-year contract's letter of acceptance (LOA) date, the company said in an exchange filing.

Shares of Adani Ports were trading 1.46% higher on the National Stock Exchange (NSE). The company's total market capitalisation stands at ₹2,96,522 crore.

It was up 1.41% at ₹1,371 on the BSE.

Notably, Netaji Subhas Dock is the biggest container terminal on the eastern coast of India. In the financial year 2023-24, the terminal handled around 0.63 million twenty-foot equivalent units (TEUs), serving a wide hinterland that includes West Bengal, Uttar Pradesh, Bihar, Assam, Jharkhand, the northeastern hill states, and neighbouring countries Bhutan and Nepal.

"The Kolkata port is also the nominated port for the Indo-Bangladesh Protocol on Inland Water Transit and Trade route. Netaji Subhas Dock has regular liner service calls from the hub ports of Singapore, Port Kelang and Colombo," the company said.

"The presence of Adani Ports at the dock is expected to improve connectivity between the terminal and its container ports, especially the trans-shipment hubs at Vizhinjam and Colombo that are targeted for commissioning during the year," it added.