Dhamra (Odisha): Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer, operator and the logistics arm of the Adani Group Monday announced the completion of the acquisition of Krishnapatnam Port Company Ltd., (KPCL) for an enterprise value of Rs. 12,000 crore. This will result in APSEZ having a controlling stake of 75% in KPCL from the CVR Group and other investors.
KPCL is a multi-cargo facility port situated in the southern part of Andhra Pradesh a state which has the second largest coastline in India.
This acquisition will accelerate APSEZ’s stride towards 500 MMT by 2025 and is another step in implementing APSEZ’s stated strategy of cargo parity between west and east coasts of India.
APSEZ chief executive officer and whole time 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 and provide pan India solution to them.”