View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
October 6, 2020updated 09 Mar 2022 11:21am

Adani Ports acquires India’s Krishnapatnam Port Company

Adani Ports and Special Economic Zone (APSEZ) has completed the previously announced acquisition of Krishnapatnam Port Company (KPCL) for Rs120bn ($1.63bn).

By Agne Suipyte

Adani Ports and Special Economic Zone (APSEZ) has completed the previously announced acquisition of Krishnapatnam Port Company (KPCL) for Rs120bn ($1.63bn).

With the deal, Adani Ports now has a 75% stake in KPCL from the CVR Group and other stakeholders.

The port is expected to generate approximately Rs12bn ($163m) in EBITDA.

In July, the Competition Commission of India (CCI) gave its approval for Adani Ports’ acquisition of KPCL.

Last August, Adani Ports unveiled plans to acquire up to 70% in Krishnapatnam Port in a deal valued at over Rs55bn ($770.58m).

The Government of Andhra Pradesh in India selected KPCL to develop and manage the Krishnapatnam Port for 30 years. The contract has an option of a 20-year extension.

APSEZ CEO and director Karan Adani said: “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.

“Our experience of turning around acquisitions like Dhamra and Kattupalli ports will enable us in harnessing the potential of KPCL. We will target to enhance throughput at KPCL to 100 MMT by FY25 and double its EBIDTA by FY23.”

Adani Ports manages ten ports and terminals, including Mundra, Dahej, Kandla, and Hazira in Gujarat; Mormugao in Goa; Dhamra in Odisha; Visakhapatnam in Andhra Pradesh; and Kattupalli and Ennore in Tamil Nadu.

It also oversees the logistics chain, which includes vessel management, anchorage, pilotage, tug pulling, and berthing, among other related activities.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Ship Technology