Adani Ports now owns 100% of Krishnapatnam Port Limited
Adani Ports has signed a deal with Vishwa Samudra Holdings Pvt Ltd to acquire a 25 per cent stake in Adani Krishnapatnam Port Ltd (Krishnapatnam Port) worth Rs 2,800 crore.
The company has given this information in an exchange filing on Monday. The company already holds a 75% stake in Port and after the acquisition of a 25% stake, Krishnapatnam Port will become a wholly owned subsidiary.
The company said that these investments were made as part of a plan to expand the company in Andhra Pradesh. Krishnapatnam Port is engaged in other bulk cargo business including container, coal, break bulk and liquid cargo.
It is all-weather, deep water, multipurpose port. The port has a multi-cargo facility with a current capacity of 64 MMTPA. With 20 km of waterfront and 6,800 acres of land, Krishnapatnam Port has a master plan capacity of 300 MMTPA and a 50-year concession.
The acquisition is subject to approval under applicable laws, including approval of the Competition Commission of India (CCI). Adani Ports said the transaction was expected to be completed within 3 months. At the same time, Adani Ports shares were trading at Rs 718.15 on Monday at 11:18 am.
News Source: ConstructionWorld