Adani Ports to buy 75% stake in Krishnapatnam Port

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

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