Adani Ports stock soars 10% as subsidiary secures 30-year concession to operate Tanzania terminal

"TICTS currently owns all the port handling equipment and employs the manpower. Adani will operate CT2 through TICTS," the company’s statement read. EAGL has been incorporated as a joint venture of AIPH, AD Ports Group, and East Harbour Terminals Ltd (EHTL), Adani Ports added.

ASPEZ will be the controlling shareholder and will consolidate EAGL on its books, it said.

CT2, with four berths, has an annual cargo handling capacity of 1 million TEUs (twenty-foot equivalent units) and managed 0.82 million TEUs of containers in 2023, estimated to be 83 percent of Tanzania’s total container volumes,” APSEZ informed in a regulatory filing.

According to APSEZ’s disclosure to stock exchanges, TICTS’ turnover in 2023 was $43.7 million.

“The signing of the concession for Container Terminal 2 at Dar es Salaam Port is in line with APSEZ’s ambition of becoming one of the largest port operators globally by 2030,” said Karan Adani, Managing Director, APSEZ.

Also Read | Adani Ports signs 30-year concession pact to operate terminal at Dar es Salaam Port in Tanzania

At 9:42 am, shares of Adani Ports were trading 10 percent higher at Rs 1,581.10 on the National Stock Exchange (NSE). So far this year, the stock has rallied 50 percent, outperforming benchmark Nifty 50 which has risen around 3.6 percent during this period.

In the 12 months gone by, Adani Ports stock has soared 114 percent, more than doubling investors' money.

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