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Adani to Acquire around 70% Stakes in Krishnapatnam Port for over INR 5,500 crore

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BigMint Bureau

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19 Aug 2019, 15:40 IST

Adani to Acquire around 70% Stakes in Krishnapatnam Port for over INR 5,500 crore

India's largest private multi-port operator; Adani Ports and Special Economic Zone Limited (APSEZ) has announced to buy 65-70% stake in Krishnapatnam Port Company Ltd. The port is currently owned by the Andhra Pradesh government. It was given to the CVR Group for development and operations on a 30-year contract beginning September 2004. The port contract can be extended up to 50 years (30+20 years)

The APSEZ is reported to pay more than INR 5,500 crores to buy the stake. The port is currently burdened with huge debt which has become unsustainable. The transaction consideration will mainly go towards settling the bank dues

This will give the company; APSEZ access to the country's largest waterfront area (for a port) of 12.5 km and a transit storage area of 6,800 acres. The port is located 180 km towards north of Chennai and has capacity to load 40-45 MnT of cargo from 10 berths.