Adani Group's ports business will invest an extra $1.2 billion in a long-delayed deep-sea facility in India's southern state of Kerala.
The deal comes after Adani Group's 10 listed companies saw as much as $34 billion wiped off their total market value in the wake of Chairman Gautam Adani's indictment last week by U.S. authorities for his role in an alleged bribery scheme.
Adani Group has dismissed the allegations as "baseless".
Vizhinjam, at India's southern tip, is strategically important due to its proximity to international shipping routes and will help it compete with Dubai, Singapore and Sri Lanka.
The agreement draws a line under long-standing arbitration initiated by the state port authorities against Adani Ports for a five-year delay in completing.
Trial operations of the first phase of the project, which had a capacity of 1 million TEU (twenty-foot equivalent), began in July, and full-scale commercial operations are expected to begin next month, officials said ea
The deal comes after Adani Group's 10 listed companies saw as much as $34 billion wiped off their total market value in the wake of Chairman Gautam Adani's indictment last week by U.S. authorities for his role in an alleged bribery scheme.
Adani Group has dismissed the allegations as "baseless".
Vizhinjam, at India's southern tip, is strategically important due to its proximity to international shipping routes and will help it compete with Dubai, Singapore and Sri Lanka.
The agreement draws a line under long-standing arbitration initiated by the state port authorities against Adani Ports for a five-year delay in completing.
Trial operations of the first phase of the project, which had a capacity of 1 million TEU (twenty-foot equivalent), began in July, and full-scale commercial operations are expected to begin next month, officials said ea
12 months ago
