Adani group seeks foreign partner
By Binu Alex
The Ahmedabad-based Adani group is looking for a strategic foreign equity partner to develop various infrastructure projects it has planned. The strategic partnership is likely to be followed by an initial public offer.
The Rs 10,600-crore group, whose flagship company, Adani Exports Ltd, posted a turnover of Rs 8,900 crore in 2003-04, plans to bring its Mundra SEZ Ltd on par with international standards.
As a key infrastructure project, MSEZL plans to make inroads into developing an SEZ on 120 sq. km near Gandhidham with an investment of Rs 3,000 crore, making it one of the largest zones in the world. If everything goes well, the operations are likely to start by the end of 2005.
In order to achieve international standards, the company also plans to build a facility for landing of small aircraft within the 15-km radius of the project. At present, the nearest airport is at Bhuj, 65 km from the project site.
(01-15 Sept 2004)