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Published: 7 July 2014
CMA CGM and Adani move on Mundra
CMA CGM Group has signed a 50:50 joint venture agreement with Adani Ports for a fourth container terminal in Mundra
CMA CGM Group, through its dedicated subsidiary CMA Terminals and India-based Adani Ports and Special Economic Zone (APSEZ) have formed a 50:50 JV to develop and operate the new fourth container terminal, a state-of-the-art facility with an annual capacity of 1.3M TEU/year.
The common user facility will have a 650m long berth with a depth of 16.5m alongside and 27-ha of backlands. Initially four 65t SWL Triple-E capable STS cranes will be installed, along with 12 41t SWL, 7 + 1 span RTGs. The construction phase will be initiated immediately and completion is slated for just 24 months after start-up. Mundra Container Terminal is CMA CGM Group's first port investment in India,
Farid T Salem, CEO of CMA CGM Group said: “We believe in the development of India and of its economy. With this investment, CMA CGM and Adani Ports will develop a state-of-the-art infrastructure that will play a key role for the development of the country’s industry. CMA CGM has strong ambitions in India. We have already a strong presence in India, through our 24 offices and our 8 direct shipping services. We are convinced our partnership with Adani Ports will significantly reinforce this strategy.”
Gautam Adani, Chairman of the Adani Group, said: “We are very pleased with this JV partnership that will help put our continued expansion at Mundra port on an even steeper trajectory. The strategic value of such a partnership with a major global player like CMA CGM is hugely significant and opens up a whole set of additional opportunities and synergies for both the companies.”
The agreement is subject to approvals from the regulators as may be required including the Competition Commission of India, MoCI and the GMB.