New Delhi: Adani Ports and Special Economic Zone on Monday informed about the acquisition of Krishnapatnam Port Company Limited. According to this, Adani Ports has completed this acquisition for 12 thousand crores rupees. After this acquisition, Adani Ports, the country’s second largest port developer in the private sector, will have a 75 percent stake in KPCL. APSEZ said after the acquisition that the deal would increase their capacity to 200 million tonnes by 2025. APSEZ expects its market share to increase to 25 per cent in FY 2021 after this acquisition. It is now 21 per cent.
The company issued a statement saying that APSEZ, the country’s largest port developer, operator and logistics arm of Adani Group, has acquired control of about 75 per cent stake of KPCL from CVR Group and other investors. The company, in its statement, has expected that KPCL’s EBITDA will be around Rs 1,200 crore in FY 2020-21. This is 10 percent of the acquisition price.
KPCL is a multi cargo facility port. It is located in the southern part of Andhra Pradesh, which is the second largest state in the country in terms of area of beach area. Expressing happiness over the acquisition of KPCL by Karan Adani, CEO and full-time director of APSEZ, said that the country’s second largest private port is now part of APSEZ.
