Adani Ports and Special Economic Zone Ltd on Friday said that it will acquire a controlling stake of 75 per cent of Krishnapatnam Port Company Ltd for around Rs 13,500 crore.
Located in the southern part of Andhra Pradesh, Krishnapatnam Port is a multi-cargo facility and handled 54 million tonnes (MT) in the financial year 2018-19.
In a statement, Adani Ports said that the purchase consideration of around Rs 13,500 crore would be funded through internal accruals and existing cash balance. The acquisition is subject to regulatory approvals and the transaction is expected to be completed in 120 days, it added.
According to the company, the acquisition would accelerate its stride towards 400 MMT by 2025.
Commenting on the development, Karan Adani, CEO and whole time Director of Adani Ports said: "This acquisition will not just increase our market share to 27 per cent but also add remarkable value to our pan-India footprint."
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.