Adani Ports to acquire remaining 25% stake in Krishnapatnam Port1 min read . Updated: 05 Apr 2021, 09:46 AM IST
- Post-acquisition of 25% stake, Krishnapatnam Port will become wholly owned subsidiary of the company.
Adani Ports y has signed an agreement with Vishwa Samudra Holdings Pvt. Ltd., to acquire 25% stake of Adani Krishnapatnam Port Limited (Krishnapatnam Port) for a consideration of ₹2,800 crore, the company said in an exchange filing on Monday.
The company already holds 75% stake in the port, and post-acquisition of 25% stake, Krishnapatnam Port will become wholly owned subsidiary of the company. The company said that the investment is in line with company’s strategy to increase its footprint in Andhra Pradesh.
Krishnapatnam Port is engaged in the business of handling containers, coal, break bulk and other bulk cargo including liquid cargo. The port is an all-weather, deep water port has multi-cargo facility with a current capacity of 64 MMTPA. With a waterfront of 20 km and 6,800 acres of land, Krishnapatnam Port has a master plan capacity of 300 MMTPA and a 50 year concession.
The acquisition is subject to approvals under applicable laws, including approval of the Competition Commission of India. The transaction is expected to be completed within 3 months, Adani Ports said.