India’s Adani Group plans $3 bln investment in Vietnam
India-based conglomerate Adani is looking to build a green port ecosystem and wind and solar power plants with a total investment capital of $3 billion in Vietnam.
At a meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Wednesday, Karan Adani, CEO of Adani Ports and SEZ Limited (APSEZ), a subsidiary of Adani Group, said his group had been exploring opportunities in Vietnam and decided to make long-term investments in the country, not only in port and logistics, but also in energy and digital technology.
PM Chinh stressed that Vietnam would welcome Adani's investment in these sectors, particularly in the development of Lien Chieu port in the central city of Da Nang and renewable energy projects in Vietnam.
"The Vietnamese government is ready to create favorable conditions for Adani Group to continue investing in other projects in Vietnam," he affirmed.
PM Pham Minh Chinh (right) receives Karan Adani, CEO of Adani Ports and SEZ Limited (APSEZ) in Hanoi on May 24, 2023. Photo courtesy of the government portal.
Adani, one of the largest conglomerates in India, is among the top five fastest growing companies in the world in the field of port investment.
It is a leading firm in India in the development and operation of ports and integrated logistics systems, accounting for 25% of the country’s port capacity. The group also boasts experience in developing overseas ports, including Haifa port - the second largest in Israel.
Headquartered in Ahmedabad city, the heavyweight is also involved in energy and utilities, transportation and logistics, incubation, airports, and others.
After more than 34 years of operations, it is present in more than 70 countries and territories, with annual revenue of over $15 billion.
Adani Group owns the Mundra seaport in Gujarat state, one of the three largest ports in terms of cargo traffic in India, and holds a 74% stake in the airport at Mumbai Financial Centre, one of the two busiest air hubs in the country. It also owns important infrastructure, energy and real estate projects across India.
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