Mumbai, Dec 15 (IANS): Billionaire Gautam Adani-led Adani Ports on Friday said it will sell a 49 per cent stake in its Ennore Container Terminal near Chennai to Terminal Investment, an arm of the global shipping giant Mediterranean Shipping Company for about Rs 247 crore.

The Ennore terminal is valued at Rs 1,211 crore including debt and the transaction is expected to close in the next three to four months, according to an Adani Ports statement.

“This second joint venture builds on the success of the 2013 joint venture with Terminal Investment for Adani International Container Terminal, which operates CT3 Container Terminal at Mundra Port, the largest private commercial port in India," according to the company statement.

The Ennore terminal has an annual handling capacity of 0.8 million twenty-foot equivalent units (TEUs). 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 which include the biggest container handling port, Mundra in Gujarat.