Adani Ports and Special Economic Zone Ltd on Tuesday informed that it has completed the acquisition of 100 per cent in Dighi Port Limited (DPL) for Rs 705 crore on February 15.

The company had intimated the commencement of this development to stock exchanges on March 6, 2020.

With the acquisition, DPL has become the 12th port to join APSEZ's string of economic gateways across the eastern and western coast of India and would establish the company's footprint in Maharashtra. This would enable APSEZ to service customers in the state, including the highly industrialised areas in the Mumbai and Pune regions, the company said in a statement.

APSEZ plans to invest over Rs 10,000 crore to develop the port into a multi-cargo port with world class infrastructure as well as investing in the development of rail and road evacuation infrastructure for seamless cargo movement. The company will also use the investment to strengthen and repair existing infrastructure and for development of facilities for dry, container, and liquid cargo.

Adani Ports said that DPL will evolve as an alternative gateway to the JNPT and will invite and support the development of port-based industries on port land.

It is expected that the development of DPL will lead to further investments across various industries such as consumer appliances, metals, energy, petrochemicals, and chemicals business in Maharashtra and provide a fillip to the industrial development and growth in Maharashtra.

These investments will contribute to employment generation and socio-economic development of the port's hinterland, the company statement said.

As per the terms and requirements of the Resolution Plan, the transfer of concession rights has also been approved by the Maharashtra Maritime Board (MMB) and APSEZ has settled the dues of financial creditors, MMB, and other admitted costs and claims.

Karan Adani, CEO and Whole Time Director of APSEZ, said: "The successful acquisition of DPL adds another milestone in Adani Port's target of creating a string of ports to increase service coverage to the entire economic hinterland of India. With our growth focus, experience, and expertise in turning around acquisitions, we are confident of making DPL value accretive for all our stakeholders."

Adani Ports and Special Economic Zone, a part of globally diversified Adani Group, has evolved from a port company to a ports and logistics platform for India. It is the largest port developer and operator in India with 12 strategically located ports and terminals - Mundra, Dahej, Tuna and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Krishnapatnam in Andhra Pradesh - and represents 24 per cent of the country's total port capacity.