‘Vizhinjam, Haifa are pivotal to Adani Group’s strategy’: Inside Karan Adani’s global playbook to build the world’s largest ports empire

Karan Adani , Managing Director of Adani Ports and Special Economic Zone (APSEZ) , of the Adani Group, is on a mission to make APSEZ the largest ports operator in the world by 2030 and solidify its stature as a truly international ports and logistics player in all areas of port operations. Now, four of its 14 domestic ports figure in the Top 100 container port performance index of the World Bank. APSEZ is expanding its international footprint with the operationalisation of India's first transshipment terminal at Vizhinjam and taking up Haifa in Israel. At the Group level, Karan gives a strategic vision for new businesses such as cement and copper. Edited excerpts from an email interaction:

Q: For APSEZ, your revenues, Ebitda, and PAT grew by 16%, 20%, and 37%, respectively, in FY25, surpassing your Ebitda guidance. What do you attribute this growth to?

Karan Adani: In FY25, we delivered all-around growth that exceeded expectations, with revenue, Ebitda, and PAT rising 16%, 20%, and 37%, respectively. I attribute this robust performance to the strength of our integrated business model, a culture of operational excellence (increasingly aided by AI and advanced analytics), and our investment in developing leadership and talent across the organisation. Strong demand across our core verticals certainly helped, but it was our ability to synergise our ports, logistics, and marine services into a unified ecosystem that truly powered these results.

Each business segment contributed significantly to this performance. Our ports division—the anchor of our portfolio—achieved healthy growth of about 12% in revenue while sustaining industry-leading Ebitda margins around 73%, thanks to a balanced cargo mix and relentless efficiency improvements. Our logistics arm surged nearly 40% in revenue, propelled by expanded multimodal capacity and seamless integration with port operations. Even our marine services segment posted over 80% growth, capitalising on increased offshore activity and higher asset utilisation. This broad-based growth not only expanded our margins but also underscored the payoff of our strategic investments and innovation. It affirms that our focus on technology-driven efficiency and human capital development is translating into sustainable, market-leading performance.

Q: Gopalpur’s acquisition, the launch of the Vizhinjam and Colombo projects, and the purchases of NQXT in Australia and Astro Offshore were major milestones for APSEZ last year. How do you see these moves impacting your performance going forward?

Karan Adani: Each of those milestones—be it acquiring Gopalpur, developing Vizhinjam and Colombo, or the strategic purchases of NQXT in Australia and Astro Offshore—was a deliberate step in building APSEZ into the world’s most integrated ports and logistics platform. I see these moves as transformational for our future performance. They significantly expand our domestic and international footprint, positioning us as a leader in volume, margins, and market share on a global scale. Just as importantly, they extend our capabilities: from enhancing bulk cargo capacity and container throughput to strengthening marine services and offshore logistics.

To put it in perspective, each acquisition adds substantial capacity and capability:

• Gopalpur Port (India): Adds ~20 MMT of cargo capacity to our eastern India operations.

• Vizhinjam Port (India): Contributes 18 MMT as India’s first deep-water transshipment hub, boosting our container-handling prowess.

• Colombo Terminal (Sri Lanka): Brings 3.2 million TEUs of annual container capacity, elevating our presence in global container trade.

• NQXT (Australia): Adds 50 MMT in bulk volume capacity, giving us a foothold in resource-rich markets and diversifying our geographical reach.

• Astro Offshore (Marine Services): Integrates a fleet of 26 advanced vessels, strengthening our offshore services and marine logistics offerings.

These assets are all robust and future-proof. We have been very disciplined in choosing acquisitions that align with our return-on-capital targets, and I’m confident they will deliver best-in-class ROCE over time. Looking ahead, the synergy from this expanded network will accelerate our top line and Ebitda growth while enabling deeper integration across the logistics value chain. In effect, we are now positioned to offer end-to-end solutions at a scale few can match. I believe these strategic investments will be a cornerstone of our performance in the coming years, propelling APSEZ toward our ambition of being a world leader in logistics.

Q. How will the Vizhinjam and the Haifa ports contribute to your international expansion plans?

Karan Adani: Vizhinjam and Haifa are pivotal to our global strategy, each in its own way. Haifa Port in Israel, which handles nearly half of Israel’s container cargo, is our bridgehead into the European and Mediterranean markets. By operating Haifa, APSEZ has firmly planted the Indian flag in a critical trade hub of the West. This not only diversifies our revenue base but also ties us into emerging trade corridors. Haifa’s location along the proposed India–Middle East–Europe Economic Corridor (IMEC) underscores its importance as a transcontinental gateway linking Indian manufacturing and supply chains to Europe. In essence, Haifa gives us a strategic western anchor in the global trade network.

Vizhinjam Port on India’s southern tip is equally transformative. As the country’s first deep-water, fully automated transhipment port, Vizhinjam represents India’s coming-of-age in the global maritime arena. It brings world-class container-handling capability and state-of-the-art technology (including AI-powered systems) to our network, allowing us to berth the largest vessels and turn them around efficiently. Vizhinjam is a future-ready hub that positions India squarely on major shipping lanes connecting Asia with Europe, Africa, and the Americas.

Together, Haifa and Vizhinjam extend our reach westward and eastward, effectively integrating India into key global trade routes. Haifa anchors our European engagement, while Vizhinjam makes India an indispensable link in transoceanic shipping. From a leadership perspective, I see these ports as more than assets—they are strategic platforms for shaping the trade routes of tomorrow. They amplify India’s evolving role in global trade and solidify APSEZ’s stature as a truly international ports and logistics player.

Q. What is your vision for APSEZ’s growth, and what goals have you set for the company?

Karan Adani: I envision APSEZ becoming the world’s most trusted Integrated Transport Utility—seamlessly connecting India with the world through a tech-enabled, end-to-end logistics ecosystem. To get there, we are leveraging our diversified portfolio of ports, logistics, and marine services to deliver solutions at unmatched scale, reliability, and efficiency. Our strategy is clear: continue expanding both within India and internationally, maintain strong financial discipline, and keep innovating with technologies like AI and digitisation to drive efficiency. Equally, we are investing in our people; building future-ready leadership and talent is central to sustaining this vision.

Over the next five years, we have set bold yet focussed growth targets:

• Ports: Exceed 1 billion metric tonnes of annual cargo throughput by 2030.

• Logistics: Expand to 300+ goods trains, 20 multi-modal logistics parks, a fleet of 5,000+ trucks, and over 20 million sq. ft of warehousing.

• Marine Services: Achieve 3x revenue growth, capitalising on our expanded fleet and offshore capabilities.

By pursuing these goals, we’re not just scaling up APSEZ—we’re redefining what world-class infrastructure looks like in India and beyond. Ultimately, our vision is to create a logistics platform that powers trade, enables economic growth, and exemplifies leadership in innovation and sustainability.

Q. In new business areas like cement and copper, what growth do you expect in the next two to three years, and what are your plans for these sectors?

Karan Adani: The Adani Group’s growth philosophy is intrinsically linked to India’s growth story. We invest in sectors that are crucial to India’s future, and our ventures into copper and cement reflect that commitment. In both these verticals, we see significant opportunity and are applying the same forward-looking, execution-focussed mindset that has driven APSEZ’s success.

Take copper, for example. India currently imports nearly 40% of its refined copper needs—about half a million tonnes annually. With domestic copper demand projected to grow around 9% annually over the next few years (fuelled by rising power consumption, expansion of renewable energy, and the shift to electric mobility), ensuring self-sufficiency is strategic. Our Kutch Copper project, with an initial smelting capacity of 500,000 tonnes, will come online to help bridge this supply gap. We plan to ramp that up further and move into downstream copper products. In doing so, we will not only substitute imports but also secure the raw material base for India’s industrial and green economy ambitions. We’re building this business with an eye on advanced manufacturing practices and efficiency—much like we’ve used technology and scale in our logistics operations.

In cement, the story is equally compelling. With India undertaking a $2.2 trillion infrastructure build-out, demand for cement is soaring, and we are now the country’s second-largest cement producer. Our goal is to supply up to 30% of India’s cement needs in the coming years. To achieve this, we’re optimising our plants for higher efficiency and quality (including using AI and automation in production) and emphasising sustainability and premium product lines. I’m a firm believer that scale must go hand in hand with responsibility, so our cement business is focussing on greener processes and reducing its carbon footprint. Across both copper and cement, you’ll see the same principles at work: we identify critical sectors for India’s long-term growth, we invest decisively, and we bring in the leadership, technology, and operational excellence needed to ensure these businesses become market leaders in their own right.