Adani Ports acquires Krishnapatnam port

India’s largest private port operator Adani Ports and Special Economic Zone Ltd (APSEZ) acquired a 75% controlling stake in Krishnapatnam Port Co Ltd (KPCL) for an enterprise value of ₹12,000 crore. Earlier this year, APSEZ had inked a deal to buy the port for an enterprise value of ₹13,752 crore. It was reported that the company had paused a number of acquisitions across the Adani group as it re-evaluated priorities amidst the COVID-19 pandemic.

“This transformational acquisition enables us to roll out world class customer service to an increased customer base and provide pan India solution to them. Our experience of turning around acquisitions like Dhamra and Kattupalli ports will enable us in harnessing the potential of KPCL. We will target to enhance throughput at KPCL to 100 million tonnes by FY25 and double its EBIDTA by FY23,” stated Karan Adani, chief executive officer and whole time director of APSEZ. With this acquisition, APSEZ moves a step closer towards 500 million tonnes cargo handling capacity by 2025.