Adani Ports SEZ, AD Ports Group to make Joint Infrastructure investment in Tanzania

5 Aug 2022 , 10:42 AM

AD Ports Group and Adani Ports and SEZ Ltd., have signed a Memorandum of Understanding (MoU) for joint strategic investments in end-to-end logistics infrastructure and solutions in Tanzania, including rail, digital services, port operations, maritime services, an industrial zone, and the establishment of maritime academies.

The two companies entered into the alliance kicking off a series of potential country-level investments to build, improve, and promote an end-to-end maritime and logistics ecosystem that will position Tanzania as an African hub.

"This alliance with Adani Ports and SEZ will have a significant impact on both Tanzania's ability to transform itself into an African trading hub and our ability to further build our global capabilities and connections that will aid in bringing goods to market swiftly and more efficiently," commented Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group.

"We are delighted on our collaboration with AD Ports Group to create a key quality infrastructure in Tanzania, particularly in the ports and maritime sector. This will help in improving and achieving positive change in the communities, standing by our pledge to growth with goodness," commented Karan Adani, CEO of Adani Ports and SEZ.

At around 10.36 AM, Adani Ports & SEZ was trading at Rs814 per piece, up by 0.82% from its previous closing of Rs807.40 on the BSE. The scrip opened at Rs808 and has touched intraday high and low of Rs818.55 and Rs808 respectively.