Adani Ports Completes Acquisition Of Krishnapatnam Port
Adani Ports and Special Economic Zone Ltd. on Monday announced the completion of the acquisition of Krishnapatnam Port Company Ltd. for an enterprise value of Rs 12,000 crore.
According to a filing with Bombay Stock Exchange, Adani said the acquisition will result in APSEZ having a controlling stake of 75% in KPCL from the CVR Group and other investors In FY21, the port is expected to generate an Ebitda of approximately Rs 1,200 crore.
KPCL is a multi-cargo facility port situated in the southern part of Andhra Pradesh, a state which has the second largest coastline in India.
"I am happy that KPCL the second largest private port in India has now become part of APSEZ portfolio. This transformational acquisition enables us to roll out world class customer service to an increased customer base and provide a pan-India solution to them," Karan Adani, chief executive officer of APSEZ said.
This acquisition will accelerate APSEZ's stride towards 500 million metric tonnes per annum by 2025 and is another step in implementing its stated strategy of cargo parity between west and east coasts of India.