* Adani buys Dhamra from Tata Steel, L&T IDPL
* Equity in deal valued at 20-22 bln rupees - source
* Adani shares rise as Modi triumphs in Indian election
(Adds Adani quotes, equity value, shares)
By Tommy Wilkes
NEW DELHI, May 16 India's Adani Ports and
Special Economic Zone has bought the port of Dhamra in
a deal worth 55 billion rupees ($930 million) including debt, as
the company looks to handle more coal and iron ore shipments
mined in India's east.
Adani Ports, part of billionaire Gautum Adani's
conglomerate, is paying Tata Steel Ltd & L&T
Infrastructure Development Projects Ltd in cash for the Dhamra
Port Company Ltd, the company's Managing director Sudipta
Bhattacharya told reporters on a media call on Friday.
Bhattacharya declined to comment on the equity value of the
deal, but an official at one of the sellers who did not want to
be named because the details are not public said the equity was
valued at between 20 billion and 22 billion rupees.
Adani has grown into one of the largest port owners in India
thanks to its Mundra plant in the west of the country, where
more than 100 million tonnes of cargo are processed each year.
Bhattacharya said Adani planned to expand the amount of
cargo handled at Dhamra to 100 million tonnes by 2020 from a
current 14.3 million tonnes.
Based in the state of Odisha, Dhamra currently handles
resources including iron ore and steel from mineral-rich states
in India's east, and has environmental clearance for the
development of 12 additional berths to add to its existing two
"The hinterland is growing quickly," Bhattacharya said,
referring to India's eastern region. "We intend to replicate
what we did with Mundra."
Adani has an agreement with Tata Steel under which the
latter will send at least 5 million tonnes of cargo annually
through Dhamra for the next 15 years, Bhattacharya said.
Adani Port shares closed up 2 percent on Friday, while Adani
Enterprises - the flagship Adani group company - rose
Shares in the Adani companies have rallied sharply this year
on what traders say are bets the firm will perform well under a
government led by Narendra Modi, who on Friday looked set to
become India's next prime minister after his party won a
landslide victory in national elections.
Adani's rapid ascent to the top tier of Indian business is
often associated with the fortunes of Narendra Modi.
As the chief minister of Gujarat - the state where Adani is
based - Modi has emphasised the sort of infrastructure-led
development that has benefited Adani.
($1 = 59.1450 Indian Rupees)
(Editing by Sunil Nair and Mark Potter)