Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the acquisition of Krishnapatnam Port Co Ltd (KPCL) that operates a multi-cargo facility port situated in Andhra Pradesh for an enterprise value of ₹12,000 crore. APSEZ will buy a controlling stake of 75 per cent in KPCL from the CVR Group and other investors.
On January 3, APSEZ had signed a deal to buy the port for an enterprise value of ₹13,752 crore.
Through the acquisition, APSEZ hopes to achieve 500 MMT of capacity by 2025 and increase its market share in FY21 to increase from 21 percent to 25 percent.
In a statement, the APSEZ stated that a vast waterfront and land availability of over 6,700 acres, KPCL will be able to replicate Mundra and would be future ready to handle 500 MMT.
