Adani Group company Mundra Port and SEZ (MPSEZ) is to pump in US$1.3 billion over the next three to five years for port development, reported The Economic Times.
The company posted a 24 percent rise in its net profit and improved its cargo handling share to 8.3 percent from 6.7 percent.
The company has set a target of 200 million tonnes of cargo handling capacity per year by 2020. However, sources said, the group is likely to achieve the target earlier.
Currently, Kandla Port, near Mundra in Kutch district, is the country's top port that handled 80 metric tones of cargo in 2009-10.
Among other plans, Mundra would concentrate on development of Mormugao, Dahej and Hazira ports.
MPSEZ reported a net profit of US$45.73 million for the quarter-ended June 30 compared with $37 million during the corresponding quarter last fiscal yeart. Its total income increased to $90.16 million for the quarter compared with $69.57 million in the corresponding quarter last year, recording a growth of 30 percent.
Internationally, MPSEZ will develop its first international greenfield project at Dudgeon point in Australia and further its plans to acquire the state-owned Port of Brisbane. It will also explore opportunities in South Africa for port development.
The company posted a 24 percent rise in its net profit and improved its cargo handling share to 8.3 percent from 6.7 percent.
The company has set a target of 200 million tonnes of cargo handling capacity per year by 2020. However, sources said, the group is likely to achieve the target earlier.
Currently, Kandla Port, near Mundra in Kutch district, is the country's top port that handled 80 metric tones of cargo in 2009-10.
Among other plans, Mundra would concentrate on development of Mormugao, Dahej and Hazira ports.
MPSEZ reported a net profit of US$45.73 million for the quarter-ended June 30 compared with $37 million during the corresponding quarter last fiscal yeart. Its total income increased to $90.16 million for the quarter compared with $69.57 million in the corresponding quarter last year, recording a growth of 30 percent.
Internationally, MPSEZ will develop its first international greenfield project at Dudgeon point in Australia and further its plans to acquire the state-owned Port of Brisbane. It will also explore opportunities in South Africa for port development.