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Adani Ports Completes Aquisition Of Krishnapatnam Port
In a stock exchange filing on Monday, Adani Ports and Special Economic Zone Limited announced the completion of the acquisition of Krishnapatnam Port Company Ltd for an enterprise value of Rs 12,000 crore.
"This will result in APSEZ having a controlling stake of 75% in KPCL from the CVR Group and other investors," the statement said.
Shares of Adani Ports & SEZ rose nearly one percent after the announcement.
"In FY21, the port is expected to generate an EBITDA of approximately Rs 1,200 crore, resulting in an acquisition EV/ EBITDA multiple of 10x," the statement added.
KPCL is a multi-cargo facility port situated in the southern part of Andhra Pradesh a state which has the second-largest coastline in India. India's largest port developer, operator and the logistics arm of the Adani Group said that the acquisition will accelerate its stride towards 500 MMT by 2025 and is another step in implementing APSEZ's stated strategy of cargo parity between west and east coasts of India.
"I am happy that KPCL the second largest private port in India has now become part of APSEZ portfolio. This transformational acquisition enables us to roll out world class customer service to an increased customer base and provide pan India solution to them," said Karan Adani, CEO of Adani Ports.
