Adani Ports Plans Investment in Philippines, Considers Bataan for Port Development

Adani Ports and Special Economic Zone Limited (APSEZ), India's leading port operator, has set its sights on expanding its operations into the Philippines, with plans to invest in port development. The news came from a release issued by the office of the President of the Philippines.

During a meeting at Malacañang on May 2, APSEZ Managing Director Karan Adani discussed the company's plans with Philippines President Ferdinand Marcos Jr. The focus of their conversation was on Adani Group's interest in Bataan for a new port development project. The proposed port would have a depth of 25 meters, designed to accommodate Panamax vessels.

"Your Excellency, as a private sector, what we always look for is stability—stability in regulation and stability in the environment in which we operate. That is what, you said, you are providing," Adani told Marcos.

President Marcos welcomed the proposed investment and suggested that the port development focus on handling agricultural products, which would help boost the Philippines' global competitiveness. He also emphasized the government's commitment to developing gateways for tourism, business travel, and efficient transportation of agricultural goods.

APSEZ currently operates seven strategically located ports and terminals on India's west coast and eight on its east coast. The company recently reported significant financial growth, with consolidated net profit for the fourth quarter ending March 31, 2024, jumping 76.87% to Rs 2,014.77 crore compared to the previous fiscal year. Consolidated total income also rose to Rs 7,199.94 crore during the same period.

Despite an increase in total expenses to Rs 4,450.52 crore, APSEZ's net profit for the 2023-24 fiscal year surged by 50% to Rs 8,103.99 crore. APSEZ continues to play a major role in India's logistics sector, handling 27% of the country's total cargo and 44% of its container cargo for the 2023-24 fiscal year. Additionally, ten ports in the company's portfolio achieved record cargo volumes.

The expansion into the Philippines reflects APSEZ's growing influence in the regional port and logistics industry. The proposed port development in Bataan could further strengthen trade links between India and the Philippines, fostering economic growth and enhancing regional connectivity.

BS