Adani Group company Mundra Port and SEZ (MPSEZ) is to pump in US$1.3 billion over the next three to five years for port development, reported The Economic Times.

The company posted a 24 percent rise in its net profit and improved its cargo handling share to 8.3 percent from 6.7 percent.

The company has set a target of 200 million tonnes of cargo handling capacity per year by 2020. However, sources said, the group is likely to achieve the target earlier.