Adani firm APSEZ planing port development in Philippines

Adani Group firm APSEZ is eyeing the Philippines' Bataan province to develop a port, a statement issued by the office of the president of the Philippines said. APSEZ Managing Director Karan Adani met the Philippines President Ferdinand R Marcos Jr at Malacanang on May 2 in a courtesy call to discuss Adani Group's plans for the port.

APSEZ is planning to open a port in the Philippines due to the nation's stable leadership and environment, the statement quoted Adani as saying.

He said APSEZ plans to develop a 25-meter deep port that can accommodate Panamax vessels. The Adani Group, on the other hand, is planning to invest in ports, airports, power, and defence.

According to the statement, Marcos welcomed APSEZ expansion plans in the Philippines, suggesting it may focus on ports handling agricultural products to enable the Philippines eventually compete globally.

He suggested that the company should start regionally and the ports could also cater to local or domestic shipping before shifting to international market.

Marcos said the government is developing its gateways for tourists and business travellers and for the country's agriculture products to be moved around affordably and reliably.

APSEZ, a part of the globally diversified Adani Group, is the largest port developer and operator in India.

It has seven strategically located ports and terminals on the west coast and eight on the east coast of India.