Adani Ports completes acquisition of Krishnapatnam Port
01 Nov 2020
India’s largest private port operator Adani Ports and Special Economic Zone (APSEZ) has completed the acquisition of Krishnapatnam Port Co for an enterprise value of Rs.120 bn. This will give APSEZ a 75 per cent stake in KPCL. APSEZ had signed a deal to buy the port in early January for an enterprise value of Rs.137.52 bn. But the company then paused a number of acquisitions across the Adani Group, including Krishnapatnam port, as it re-evaluated priorities following the coronavirus pandemic, and renegotiated acquisition prices down. KPCL is a multi-cargo facility port in the southern part of Andhra Pradesh. This acquisition will accelerate APSEZ’s progress towards 500 mt cargo handling capacity by 2025.
Contact: Adani Ports and Special Economic Zone.
Website: www.adaniports.com
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