AD Ports Group, the leading facilitator of global trade, logistics, and industry, has signed a Memorandum of Understanding (MoU) with Adani Ports and SEZ Ltd, India's largest integrated ports and logistics company, for strategic joint investments in end-to-end logistics infrastructure and solutions, which include rail, maritime services, port operations, digital services, an industrial zone and the establishment of maritime academies in Tanzania.
The two companies signed the key agreement setting in motion a series of potential country-level investments to grow, improve, and promote an end-to-end maritime and logistics ecosystem which will make Tanzania a hub for the Africanregion.
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: "This MoU with Adani Ports and SEZ Ltd is significant in its impact on both Tanzania's ability to transform itself into an African trading hub, as well as our ability to further develop our global capabilities and connections that will bring goods to market faster and more efficiently."
"Our strategic investment in Tanzania in infrastructure and solutions will enable international companies to enter African markets. In line with the direction of the UAE's leadership, we are positioning Abu Dhabi as a global leader in logistics and industry."
Karan Adani, CEO of Adani Ports and SEZ Ltd, said: "We are pleased to be partnering with AD Ports Group in the development of key quality infrastructure in Tanzania especially in the ports and maritime sector, which will improve and bring about positive change in the communities, standing by our commitment to growth with goodness. We continue to support local employment, as well as general economic growth in Tanzania and East African countries that will benefit from our investments through the collaboration with AD Ports Group."
Shares of Adani Ports and Special Economic Zone Limited was last trading in BSE at Rs. 807.40 as compared to the previous close of Rs. 806.90. The total number of shares traded during the day was 148016 in over 5021 trades.
The stock hit an intraday high of Rs. 820.60 and intraday low of 796.50. The net turnover during the day was Rs. 119887277.00.