Ports and Special Economic Zone (APSEZ) is set to acquire the remaining 25%
stake in Krishnapatnam Port for $381.88m (Rs28bn).The company signed an
agreement to purchase the residual stake from Vishwasamudra Holdings.
The move comes
around six months after APSEZ acquired 75% stake Krishnapatnam Port in a
Krishnapatnam Port is all-weather, deep water port with multi-cargo
Located on the
east coast of India in Nellore district of Andhra Pradesh, Krishnapatnam Port
is an all-weather, deep water port with multi-cargo facility.
port has a capacity of 64 MMTPA.
Krishnapatnam Port ownership Karan Adani said reinforces APSEZ’s
stride towards 500 MMT by 2025
APSEZ CEO and
whole time director Karan Adani said: “The consolidation of our ownership in
Krishnapatnam Port reinforces APSEZ’s stride towards 500 MMT by 2025 and
achieving our broader strategy of cargo parity between west and east coasts of
Port is on track to handle double the traffic by 2025 and will deliver high
growth through a multi-product and cargo enhancement strategy while enhancing
return on capital employed. We are confident that we will be able to double
throughput and triple EBITDA at Krishnapatnam Port by 2025.
“We are committed
to making Krishnapatnam Port the gateway port for South Andhra Pradesh and
Karnataka. With its large industrial land backed with the port we will
transform Krishnapatnam into a manufacturing and industrial hub.”