Adani Ports acquires residual 25 pc stake in Krishnapatnam Port for Rs 2,800 crore

CEAI

Synopsis: Krishnapatnam Port, located on the east coast of India in Nellore district of Andhra Pradesh, is an all-weather, deep water port has multi-cargo facility with a current capacity of 64 million tonne per annum (MTPA).

Adani Ports NSE -2.53 % and Special Economic Zone (APSEZ) on Monday said it has acquired 25 per cent stake of Vishwa Samudra Holdings in Krishnapatnam Port for Rs 2,800 crore.

This will result in APSEZ increasing its stake from 75 per cent to 100 per cent in Krishnapatnam Port.

Krishnapatnam Port, located on the east coast of India in Nellore district of Andhra Pradesh, is an all-weather, deep water port has multi-cargo facility with a current capacity of 64 million tonne per annum (MTPA).

“APSEZ, the flagship transportation arm of the diversified Adani Group, is announcing the acquisition of the residual 25 per cent stake in Adani Krishnapatnam Port..

With a waterfront of 20 km and 6,800 acres of land, Krishnapatnam Port has a master plan capacity of 300 MTPA and a 50-year concession, it said.

“Together with the 75 per cent ownership acquired in October 2020, the acquisition implies an enterprise value of Rs 13,675 crore implying an EV/ FY21 EBITDA multiple of 10.3x,” the company said.

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