Adani Ports to acquire 75% stake in Krishnapatnam Port
Adani Ports and Special Economic Zone (APSEZ) is to acquire a 75% stake in the multi-purpose Krishnapatham Port (KPCL), which is the second largest private sector port in India after Mundra.
KPCL, which is located in the southern part of Andhra Pradesh state, handled 54m tonnes of cargo in the 2019 fiscal year and APSEZ hopes to increase the annual handling total to 100m tonnes in seven years.
The operator believes that the acquisition, which is worth US$1.9bn, will help it on its way to handling 400m tonnes across its portfolio by 2025.
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