Petronet, Adani JV for cargo port

Petronet LNG, promoted by state-owned oil companies, has signed a joint venture agreement with the over Rs 5,000 crore Adani group for building a solid cargo port at Dahej in Gujarat.

Petronet is already running an LNG import terminal in Dahej, along with a berth for ships. The joint venture with Adani has been christemed as Adani Petronet (Dahej) Pvt Ltd. The initial equity ratio from Petronet and the Adani group will be 50:50.

The company will implement the project in two phases at an estimated cost of around Rs 1,150 crore. Of this investment, 70% will be debt, while the remaining 30% will be equity to be contributed in equal measures by the partners.

Source: The Times of India, New Delhi, September 5, 2006
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