Adani Ports Krishnapatnam Port acquisition is second port acquisition on east coast.
Adani Ports and Special Economic Zone (APSEZ), the country s largest private port and logistics company, increased its stake in Krishnapatnam Port in Nellore district of Andhra Pradesh to 100 per cent from 75 per cent. Adani Ports acquired Vishwasamudra Holdings 25 per cent stake in Krishnapatnam Port for Rs 2,800 crore. The 100 per cent acquisition of Krishnapatnam Port implies a 10.3 times multiple on FY21 earnings before interest, tax, depreciation and amortization (EBITDA) and further enhances shareholder value, Adani Ports said in a statement.
Last month, Adani Ports had acquired controlling stake in Gangavaram Port (GPL) in Andhra Pradesh from DVS Raju Family for Rs 3,604 crore, taking its stake in Gangavaram Port to 89.6 per cent.