18 May 2021
The Competition Commission of India (CCI) has approved the proposed acquisition of additional 25 per cent shareholding of Adani Krishnapatnam Port Limited by Adani Ports and Special Economic Zone Limited.
The acquirer is a private multi-port operator. It is currently present at 11 ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. It already holds 75 per cent shareholding of the target. With the conclusion of the proposed combination, the acquirer will hold 100 per cent shareholding and sole control of the target.
The target is engaged as a developer and operator of an all-weather, deepwater multi-purpose port located at Krishnapatnam, Andhra Pradesh, under `Build-Operate-Share-Transfer’ concession from the government of Andhra Pradesh.
Adani Krishnapatnam is engaged as a developer and operator of an all-weather, deepwater multi-purpose port at Krishnapatnam, Andhra Pradesh, under build-operate-share-transfer concession from Andhra Pradesh
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Post-acquisition of 25% stake, Krishnapatnam Port will become wholly
owned subsidiary of the Company.
Krishnapatnam Port is engaged in the business of handling containers, coal, break bulk and other bulk cargo including liquid cargo.
Krishnapatnam Port is an all-weather, deep water port has multi-cargo
facility with a current capacity of 64 MMTPA. With a waterfront of 20 km
and 6,800 acres of land, Krishnapatnam Port has a master plan
capacity of 300 MMTPA and a 50 year concession.
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