Adani Ports acquires 100% of Indian port

India’s largest private ports & logistics company has confirmed it is increasing its ownership from 75% to 100% in Adani Krishnapatnam Port Ltd., (Krishnapatnam Port) in the southern part of Andhra Pradesh by acquiring Vishwasamudra Holdings’ 25% stake for Rs. 2,800 Crs. APSEZ announced its 75% stake in Krishnapatnam in January 2020, with the deal being completed in October 2020.

Karan Adani, chief executive officer and whole time director of APSEZ, said: “The consolidation of our ownership in Krishnapatnam Port reinforces APSEZ’s stride towards 500 MMT by 2025 and achieving our broader strategy of cargo parity between west and east coasts of India.

“Krishnapatnam Port is on track to handle double the traffic by 2025 and will deliver high growth through a multi-product and cargo enhancement strategy while enhancing return on capital employed. We are confident that we will be able to double throughput and triple EBITDA at Krishnapatnam Port by 2025.

“We are committed to making Krishnapatnam Port the gateway port for South Andhra Pradesh and Karnataka. With its large industrial land backed with the port we will transform Krishnapatnam into a manufacturing and industrial hub.”

The deep water Krishnapatnam Port comes with a 50-year concession and a current capacity of 64 MMTPA. It has a master plan capacity of 300 MMTPA. The port is expected to have volumes of 38 MMT in FY21.