Petronet enters into JV with Adani Group

New Delhi, Sep 3 (UNI) Petronet LNG Ltd has signed a 50:50 Joint Venture (JV) agreement with Adani Group to build a Rs 1,150 crore Solid Cargo Port at Dahej in Gujarat.

The cost of the two-phase project will be funded in a debt: equity ratio of 70:30, according to a company statement.

The project is expected to be completed within a period of 36 months.

The port will have facilities to import/export coal, steel and fertilisers. The Solid Cargo Port Phase I would include one berth and second phase would have two additional berths with full mechanisation of the port.

Land for the project has already been identified in the area of Dahej SEZ, next to the company's LNG terminal.

The financial closure for the project is targeted to be achieved by the end of this year.

UNI CS VJ BST1425