Adani Ports and SEZ Ltd to acquire controlling stake in Krishnapatnam Port Company Ltd
Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer, operator and the logistics arm of the Adani Group will be acquiring a controlling stake of 75% from the existing shareholders of Krishnapatnam Port Company Ltd (KPCL).
KPCL is located in the southern part of Andhra Pradesh, the state with the second-largest coastline of in India, and is a multi-cargo facility which handled 54 MMT in 2019.
This acquisition will accelerate APSEZ’s stride towards 400 MMT by 2025.
The acquisition value of KPCL is approximately INR135 billion (US$1.88 billion). The purchase consideration will be funded through internal accruals and existing cash balance.
The acquisition is subject to regulatory approvals. The transaction is expected to be completed in 120 days.
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