BENGALURU: India’s Adani Ports on Friday said it will sell a 49% stake in its Ennore Container Terminal located in the southern city of Chennai to a unit of global shipping giant Mediterranean Shipping Company for about 2.47 billion rupees ($29.65 million).

This is India’s largest private port operator’s second partnership with container terminal businesses company Terminal Investment, a unit of Swiss-based MSC.

In 2016, Adani Ports and Terminal Investment signed a joint venture with Terminal Investment for a container terminal at the Mundra port.

The Ennore terminal is valued at 12.11 billion rupees including debt, billionaire Gautam Adani’s ports arm said in a statement.

The transaction is expected to close in the next three to four months.

The Ennore facility has an annual handling capacity of 0.8 million twenty-foot equivalent units (TEUs).

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It processed 0.55 Mn TEUs in FY23 and 0.45 Mn TEUs in the first eight months of the current fiscal year, Adani Ports said.

Adani Ports operates 13 ports and terminals in the country including its largest container handling port, Mundra in the western Indian state of Gujarat.