India’s largest private multi-port operator Adani Ports and Special Economic Zone (APSEZ) will set up its first container terminal outside India in Myanmar at an estimated cost of US$ 290 million.
Adani Group said that all requisite permissions have been received in the form of Myanmar Investment Commission permit, to build and run a container terminal along the Yangon river for 50-years.
APSEZ would be the first Indian company to set up a container terminal outside India, CEO Karan Adani said.
Construction for phase one of the project will commence next month and will be completed by June 2021. It is a two-phase project.
"Total project cost for both phases would be USD 275-290 million. The investment is in line with APSEZ strategy to have a footprint in Southeast Asia and expand the container terminal network," Adani Ports and Special Economic Zone (APSEZ) said in a statement.
APSEZ said it would introduce its operating and technological expertise to Myanmar by using modern equipment to ensure efficient handling of containers, thereby reducing the average turnaround time of the vessels.
Adani Yangon International Terminal Co Ltd (Adani), a unit of APSEZ, has been approved by MIC – Myanmar Investment Commission – a single-window approval authority under the civilian government headed by the Minister for Investment and Foreign Economic Relations U Thaung Tun.
Adani operates five ports in India including Mundra and Hazira in Gujarat and has three terminals at ports in Murmugao, Vishakhapatnam and Tuna-Tekra. It is building a container terminal at Ennore in Tamil Nadu and Vizinjham port in Kerala. It also has a port in Australia.