Adani Ports and Special Economic Zone Limited, APPSEZ, has announced that it will be acquiring a controlling stake of 75 percent from the existing shareholders of Krishnaptnam Port Company Limited, KPCL.
KPCL is located in the southern part of Andhra Pradesh, the state with the second largest coastline of in India, and is a multi-cargo facility which handled 54m tonnes of cargo in the 2019 fiscal year.
Karan Adani, chief executive officer and whole time director of APSEZ, commented: “KPCL is a crown jewel to join APSEZ’s string of pearls, our network of 10 economic gateways to India and this acquisition would accelerate our stride towards FY2025 vision of handling 400m tonnes of cargo.
“Given the best-in-class infrastructure and the distinct hinterland catered by KPCL, this acquisition will not just increase our market share to 27 percent but also add remarkable value to our pan-India footprint. With the experience of successfully turning around acquisitions of Dhamra and Kattupalli ports, we are confident of harnessing the potential of KPCL and improve returns to stakeholders.”
Adani Ports and Special Economic Zone Limited (“APSEZ”), is India’s largest port developer, operator and is also the logistics arm of the Adani Group.