Reports say Indian regulatory authorities have cleared the way for the proposed $380 million initial public offering (IPO) of the Mundra Port and Special Economic Zone Ltd (MPSEZL).

Sources have been quoted saying that the issue is expected to be floated on November 1.

Mundra Port and Special Economic Zone, the largest privately owned and operated port in India, is being developed by the Adani Group.

One of the Group's projects is the construction of a second container terminal at the port.

Mundra's current container facility, the Mundra International Container Terminal, is being managed by DP World under a sub-concession agreement.

The Adani Group has also just built an inland railway container terminal at the Mundra Special Economic Zone, and industry sources say that the terminal will be operational come October.

Most of the money raised by the IPO will be used to finance construction and development of basic infrastructure and allied facilities in the proposed SEZ and south basin terminal for coal and other cargo at Mundra Port.

The IPO has also been scheduled to finance the projects lined up by Adani Petronet (Dahej) Port and Adani Logistics.

Recent reports say that the world's third-largest shipping line, France's CMA CGM Group, is poised to acquire a 26% stake in Adani Logistics.