Indian conglomerate Adani Group announced Tuesday that shipping giant MSC will acquire a 49% stake in its deep-water transshipment port in southern India for $1.4 billion.
The purchase by Switzerland-based MSC, the world's largest container shipping company, represents the "single largest foreign private investment in Indian port infrastructure," Adani said in a statement.
The agreement comes as India seeks to develop a network of major seaports and reduce its dependence on regional transshipment hubs such as Singapore and Colombo by handling a greater share of cargo domestically.
The Adani Group said MSC would buy the stake in Adani Vizhinjam Port Private Limited, which operates the Vizhinjam International Seaport in the southern state of Kerala.
The transaction will be carried out through MSC's investment arm, Terminal Investment Limited, and remains subject to regulatory approvals.
