Larsen & Toubro has entered into an in-principle agreement with Adani Group to sell Kattupalli Port in Tamil Nadu. The port is being sold to Adani Kattupalli Pvt Ltd (AKPPL), a subsidiary of Adani Ports and Special Economic Zone.
Currently L&T operates both the port and shipyard through its subsidiary L&T Shipbuilding Ltd. The strategic sale is subject to receiving the necessary approvals from the Government of Tamil Nadu and Central Government, and the port being demerged from LTSB.
In October, Adani had entered into a non-binding agreement with L&T Shipbuilding for evaluating the port at Kattupalli.
Kattupalli is a deep-water all-weather port with an international container terminal located 35 km from Chennai, Tamil Nadu, and well connected to the hinterland. The port commenced commercial operations in January 2013. It has two berths with a total quay length of about 710 metres and equipped to handle containers with an installed capacity of 1.2 million TEUs per annum.