Adani Ports gets lenders’ Nod for Karanja Terminal buy

RAIGAD : Adani Ports and Special Economic Zone (APSEZ) has reportedly secured approval from the Committee of Creditors to acquire Karanja Terminal & Logistics, a multi-purpose port and logistics facility located in Maharashtra’s Raigad district.

According to reports, the lenders’ panel approved the resolution plan with 100 per cent voting support on April 14. The creditor committee is led by Prudent ARC, which holds the overwhelming share of voting rights after Canara Bank assigned the debt to the asset reconstruction company in January 2025.

If completed, the transaction would become APSEZ’s third port and terminal acquisition through India’s bankruptcy process, following earlier purchases of Dighi Port in Maharashtra and Karaikal Port in Puducherry. Both Dighi and Karanja are strategically located near Jawaharlal Nehru Port, India’s busiest container gateway by capacity.

Karanja Terminal & Logistics operates a port designed to handle vessels of up to 4,000 DWT and also includes a modern logistics park spread across around 100 acres, featuring warehousing, bonded storage, cold storage and cargo value-added services.

However, Mercantile Ports and Logistics (MPL), the current parent company of Karanja Terminal, has opposed the outcome and said it would pursue legal remedies to regain control of the asset. MPL claims it had submitted a proposal to fully repay creditors, but that the offer was rejected by the lenders.

The acquisition, if finalised, would further strengthen Adani Ports’ footprint in western India and deepen its presence in the logistics and maritime infrastructure segment.