JUNE 20248TOP STORIESADANI PORTS SECURES APPROVAL FROM GOVERNMENT TO DOUBLE ITS CAPACITYCACTUS PARTNERS INVESTS $5M IN INDIGRID TECHNOLOGYAdani Ports & Special Economic Zone Ltd (APSEZ), led by Gautam Adani, has received environmental and coastal regulation zone approval from the Centre to more than double the capacity of its flagship port in Mundra to 514 million tonnes, with an investment of 45,000 crore.This could strengthen APSEZ's case as it seeks a rollover from the Gujarat government on the port's concession period, which expires in 2031 after 30 years.Mundra - India's biggest commercial port as well as the country's top container port by volumes handled - managed 179.6 mt of cargo, including 7.4 million TEUs, in fiscal 2024, accounting for more than a fourth of all cargo volumes and over a third of container cargo in India.APSEZ expects to exceed 200 mt of cargo handling in FY25, according to its volume guidance for the fiscal year that began in April. This makes it the country's first port to accomplish this feat.With the port growing by double digits in recent years and on track to reach full rated capacity soon, APSEZ applied to the Expert Appraisal Committee (EAC) attached to the Ministry of Environment, Forest and Climate Change to increase capacity by 289 mt to 514 mt as part of the expansion of the Waterfront Development Plan spread across 3,335 hectares at Mundra Port. The capacity expansion will accommodate multi-purpose, liquid, gas, and cryogenic cargo."The EAC, after examining the documents submitted by the project proponent (APSEZ) and detailed deliberations held on 15 May 2024, recommended the proposal for environment and CRZ clearance," according to the committee meeting minutes obtained by ET. Cactus Partners (CP), an early growth-stage venture capital fund, has announced a strategic investment of $5 million in Indigrid Technology, a prominent full-stack EV component supplier based in Manesar, India. This marks CP's seventh investment since its inception in January 2021, with a specific focus on bolstering the EV component manufacturing sector.Indigrid Technology has carved out a niche in the market as a preferred vendor for a diverse range of customers, including JP Minda, Hella, Revolt, Bounce, and Xidda. With a strong emphasis on customer-centricity, deep domain expertise, and a robust product portfolio, Indigrid is poised to become a leading player in EV components both domestically and globally, aligning strongly with India's 'Make in India' initiative.The $5 million investment from Cactus Partners will be instrumental in accelerating several key initiatives for Indigrid Technology. These include expanding production capacity significantly to meet the burgeoning demand for EV components, enhancing and diversifying their product offerings to cater to a broader customer base, and expanding their market footprint across India and international markets. Additionally, the capital infusion will be directed toward strengthening the team through strategic talent acquisition, training, and development initiatives aimed at fostering innovation and supporting sustainable growth.
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