Africa-Press – South-Africa. Adani Ports and Special Economic Zone is scouting for ports in South Africa as the billionaire Gautam Adani-founded firm revives its overseas expansion plans for a bigger role on the global maritime map.
“We are evaluating port projects in South Africa to boost our presence in Africa,” Karan Adani, managing director at Adani Ports, told Bloomberg News. He said his firm was looking at East and West Africa for opportunities.
Adani Ports is leading the group’s renewed global push after a series of setbacks last year in the aftermath of the US Department of Justice’s indictment of Gautam Adani and some key executives in a bribery probe. The tycoon, Asia’s second richest person, has denied the charges.
Kenya canceled $2.6 billion worth of airport and power transmission contracts with the group, Bangladesh sought renegotiation of a power deal and Adani withdrew from Sri Lanka wind power projects, besides opting out of a $553 million US loan for a Colombo port project.
International expansion is critical to the company’s ambition to double its share of overseas business to 15% by 2030. At present, Adani Ports has four international assets — Sri Lanka, Tanzania, Australia and Israel.
The planned South Africa foray coincides with the country’s efforts to fix its dilapidated rail and port network that are stymieing exports.
Adani said his company aborted a plan to explore projects in Kenya, without giving details.
On the radar is Vietnam, where the company will starting with small investments shortly and then scale it up, he said.
The 38 year-old sees the India-Middle East-Europe Economic Corridor being planned by the Indian government as a “great opportunity” for an alternate route to Suez Canal. He accepts that it will not be easy, though.
“You have almost four countries which are involved in this,” Adani said. “There are practical problems of customs and practical problems of paperwork.”
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