1. NEWS

  2. NEWS

  3. Adani Ports buy 75% stake in Krishnapatnam Port
Adani Ports buy 75% stake in Krishnapatnam Port

Adani Ports buy 75% stake in Krishnapatnam Port

Adani Ports And Special Economic Zone Ltd. will buy a 75 percent stake in the all-weather deep-water port in Andhra Pradesh at an enterprise value Rs 13,572 crore, according to its filing with stock exchanges.

A+A-

The Gautam Adani-led company will buy a 75% stake in KPCL at an enterprise value of Rs 13,572 crore after prolonged talks to obtain the all-weather port in Andhra Pradesh. The all-cash deal will be funded through internal accruals and existing cash balance, the company said in a release.
Located at Krishnapatnam in Nellore district of Andhra Pradesh, north of Chennai, the port was developed in 2008 by CVR Group, which continues to own a majority stake. London-based private equity firm 3i Group owns a minority stake.
Since the acquisition is subject to regulatory approvals, the transaction is expected to be completed in 120 days, said the exchange filing.
The credit metrics of APSEZ consolidated are not expected to change with this transaction and the net debt/Ebitda, including Krishnapatnam Port, in FY21 is seen at around 3.2x, which is in line with the pre-acquisition of net debt/Ebitda of 3.1x in FY19, the company said.

Maritime Business World 

Previous and Next News

COMMENT ADD

WARNING: Do not use words containing insults, swearing and words against personal and religional beliefs. Comments containing capital letters will not be approved.