Adani Ports Gets Complete Acquisition Of Krishnapatnam Port for Whooping 12,000 Crores
The completion of the acquisition of Krishnapatnam Port Company Ltd, (KPCL) for an enterprise value of Rs 12,000 crore was announced on Monday by Adani Ports and Special Economic Zone Limited (APSEZ). This will result in APSEZ holding a 75 per cent majority interest in KPCL from the CVR Group and other investors. This acquisition will speed up the progress of APSEZ to 500 MMT by 2025 and is another step in implementing APSEZ's specified cargo parity strategy between India's west and east coasts, Adani Ports said in a regulatory filing.
APSEZ Chief Executive Officer and Whole Time Director Karan Adani said: "This transformative acquisition helps us to carry out world-class customer service to an expanded customer base and provide them with a pan-India solution. He added that the experience of the company turning around acquisitions such as Dhamra and Kattupalli ports would allow it to leverage KPCL 's potential." "KPCL is capable of replicating Mundra with a large coastline and land accessibility of over 6,700 acres and will be ready to manage 500 MMT in the future. We will replicate our philosophy of operations and maintenance at KPCL, continue to concentrate on the climate, minimise pollution levels and have zero tolerance for fatalities and thus increase stakeholder returns," Adani added.