Adani marked its presence in the maritime sector with Mundra Port in 2001, and over the decades the Group has grown to be the largest private operator with as many as 14 ports and terminals handling a quarter of all cargo passing through the country’s ports.
This phenomenal expansion, much of it through acquisitions — six in the last 10 years — signals at the market concentration in such a key infrastructure sector.
Indeed, along India’s 5,422-km coastline, Adani has a presence every 500 km on an average, from just a blip on the country’s far western end 10 years ago.
A look at the KPIs shows, in the past 10 years, the total cargo handled by Adani ports jumped nearly four-fold to 337 million tonnes in FY23; its volumes grew at a compounded annual growth rate of 14 per cent against the industry’s 4 per cent. If Adani’s share is removed, the latter figure falls to barely 2.7 per cent.
The group’s market share in total cargo handled has nearly tripled from around 9 per cent in 2013 to about 24 per cent in 2023; that of Central govt-controlled ports dropped to around 54.5 per cent from 58.5 per cent in 2013.
Amongst ports that are not under the Central government, Adani’s market share has crossed the 50 per cent mark. All this gives Adani Ports and Special Economic Zone Ltd (APSEZ), the port operator and logistics company, a coastal network that rivals that of the Central government-controlled 12 ports.
Adani’s total cargo volumes have grown at a compounded annual growth rate of 14 per cent between FY13 and FY23. In FY23, it was 337 million tonnes. In contrast, the cargo volumes of all other ports put together grew at a CAGR of just 2.7 per cent during the period from 842.66 million tonnes in FY13 to 1,096.39 million tonnes in FY23.
