India’s Adani Ports and Special Economic Zone (APSEZ) is set to acquire the remaining 25% stake in Krishnapatnam Port for $381.88m (Rs28bn).

The company signed an agreement to purchase the residual stake from Vishwasamudra Holdings.

The move comes around six months after APSEZ acquired 75% stake Krishnapatnam Port in a $1.63bn deal.

Located on the east coast of India in Nellore district of Andhra Pradesh, Krishnapatnam Port is an all-weather, deep water port with multi-cargo facility.

Currently, the port has a capacity of 64 MMTPA.

APSEZ CEO and whole time director Karan Adani said: “The consolidation of our ownership in Krishnapatnam Port reinforces APSEZ’s stride towards 500 MMT by 2025 and achieving our broader strategy of cargo parity between west and east coasts of India.

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“Krishnapatnam Port is on track to handle double the traffic by 2025 and will deliver high growth through a multi-product and cargo enhancement strategy while enhancing return on capital employed. We are confident that we will be able to double throughput and triple EBITDA at Krishnapatnam Port by 2025.

“We are committed to making Krishnapatnam Port the gateway port for South Andhra Pradesh and Karnataka. With its large industrial land backed with the port we will transform Krishnapatnam into a manufacturing and industrial hub.”

The deal is expected to close within three months, subject to regulatory approvals and other closing conditions.

Last month, APSEZ signed deal to acquire a majority stake of 58.1% in Gangavaram Port Limited (GPL).