Asia's second richest billionaire announces plan to build seaport in Da Nang
Indian billionaire Gautam Adani plans to build a seaport in Vietnam, as his group looks to develop infrastructure abroad.
According to international press sources, Adani Ports and Special Economic Zone CEO Karan Adani, the eldest son of billionaire Gautam Adani, said in an interview that the company has received preliminary approval from the Vietnamese government to develop a new seaport in Da Nang City.
He revealed that the project will have a container terminal and a multi-purpose terminal to handle various types of cargo. However, the project is in the early planning stage and the total investment required has not been decided yet.
According to Mr. Karan, the port planned to be built in Da Nang will be the fourth international port of the Adani Group, after Haifa port in Israel, Colombo port in Sri Lanka and Dar es Salaam port in Tanzania.
The Adani Group is owned by Indian billionaire Gautam Adani, the second richest man in Asia. Adani Ports, a subsidiary of the Group, is the fourth largest port operator in India.
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| Billionaire Gautam Adani. |
The group is handling about 5% of international cargo volume into India and wants to increase this to 10% by 2030. The Adani Group is looking for opportunities in the Middle East, Southeast Asia, East Africa, Bangladesh, Sri Lanka, Maldives, Vietnam and Cambodia - areas that have bustling trade relations with India.
“Our idea is to make India a maritime hub. We are targeting countries with good manufacturing or high population that have potential as a consumer market. We are focusing on exports from these countries,” said Mr. Karan.
It is known that in December 2023, Adani Group Chairman Gautam Adani shared that the Indian group plans to invest up to 10 billion USD in infrastructure and renewable energy in Vietnam.
According to Mr. Adani, the group is aiming to invest in seaports, green energy, power transmission, airports, inland waterways and other areas of mutual interest.
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