Adani Ports and Special Economic Zone (APSEZ), the country’s largest private port and logistics company, has now acquired a 100% stake in Krishnapatnam Port in the Nellore district of Andhra Pradesh.
The APSEZ, which has a 75% stake in the port, has increased its stake to 100% and become the sole owner of the port. The acquisition has completed after buying 25% from Vishwa Samudra Holdings for Rs 2,800 crore.
The 100% purchase of Krishnapatnam Port implies a 10.3 times multiple on FY21 earnings before interest, tax, depreciation and amortization (EBITDA) and further enhances shareholder value, Adani Ports said in a statement.
For the unversed, Krishnapatnam Port is on the east coast of India in Nellore district of Andhra Pradesh, close to the border between Andhra Pradesh and Tamil Nadu.
It is an all-weather, deepwater port that has a multi-cargo facility with a present capacity of 64 million metric tonnes per annum (MMTPA).