Adani Ports & Special Economic Zone (APSEZ) and Mediterranean Shipping Company (MSC) Group's terminal arm, Terminal Investment (TiL) announced definitive agreement under which TiL will invest for 49% interest in Adani Vizhinjam Port (AVPPL).

The strategic collaboration represents the single largest foreign private investment in Indian port infrastructure and cements Vizhinjam's emergence as a dominant transshipment gateway in the Indian Ocean region.

The transaction is subject to customary approvals, including regulatory ones.

TiL to invest USD 1.397bn, equivalent to its proportionate 49% share of USD 2.85bn.

Vizhinjam port has a capacity of 1.6 million TEUs and is undergoing expansion that will increase capacity 3.5x to 5.7 million TEUs.

This marks the 3rd major collaboration between APSEZ and MSC following successful joint ventures at ports in Mundra (Container Terminal No. 3) and Ennore.