TERMINAL Investment Limited (TIL), the port division of leading liner Mediterranean Shipping Co (MSC), is set to acquire a 49 per cent stake in the Adani Ennore Container Terminal from Adani Ports and Special Economic Zone (APSE), reports Singapore's Splash 247.

Situated on India's east coast, the Ennore terminal currently boasts a capacity of 800,000 TEU, with potential expansion capabilities reaching 1.4 million TEU annually.

The transaction, involving TIL's subsidiary Mundi, carries a value of approximately US$30 million and is expected to conclude in the first quarter of 2024. Adani will retain a 51 per cent ownership stake, and the concession for the terminal extends until 2044.

This marks the second collaboration between MSC and India's top private ports and logistics firm. In 2013, the two entities jointly invested in the CT3 Container Terminal at Mundra Port, India's largest private commercial port.

"This association will enable us to further improve TiL's presence in one of the world's fastest-growing economies and strengthen our offering to customers in the Indian subcontinent," said TIL CEO Ammar Kanaan.