Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest private sector port operator, has agreed to buy a 75% stake in Krishnapatnam Port Co. Ltd (KPCL) at an enterprise value of Rs 13,572 crores. The Krishnapatnam Port is located in southern Andhra Pradesh and is a multi-cargo facility. It handled 54 million tonnes (mt) of cargo in the year ended 31 March 2019. The purchase will accelerate Adani Ports’ plan to expand its cargo-handling capacity to 400mt by 2025.
Important takeaways for all competitive exams:
- Chairman and Managing Director of APSEZ: Gautam Adani.
- Director of APSEZ: Karan Adani.
Source: The Business Standard