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Adani Group to acquire stake in Krishnapatnam Port Company

Monday, 19 Aug 2019
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Adani Group is likely to acquire 72 percent stake in Krishnapatnam Port Company (KPCL), operator of the deepwater seaport in Nellore district, Andhra Pradesh.

The company is expected to pay more than Rs 5,500 crore to buy the stake.

Promoted by the Hyderabad-based Navayuga Group, KPCL had developed the project 10 years earlier, under a concession agreement signed with the Andhra Pradesh government.

The port commenced operations in April 2008 and handled 54.37 million tonnes of cargo in 2018-19.

The proposed acquisition includes equity stake held by the 3i Group. The company invested a little over USD 160 million during the early days of port operations.

Following the acquisition, the Navayuga Group will retain 28 percent stake in KPCL, besides a key management role.

 

 
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