Adani Ports and Special Economic Zone said it has completed the purchase of Krishnapatnam Port Company Ltd. for an enterprise value of Rs 12,000 crore.
“APSEZ, India’s largest port developer, operator and the logistics arm of the Adani Group, today announced the completion of the acquisition of KPCL for an enterprise value of Rs 12,000 crore. This will result in APSEZ having a controlling stake of 75 per cent in KPCL from the CVR Group and other investors,” the company said.
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. “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”.
Chief Executive Officer and Whole Time Director of APSEZ, said, “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.” “Our experience of turning around acquisitions like Dhamra and Kattupalli ports will enable us in harnessing the potential of KPCL. We will target to enhance throughput at KPCL to 100 MMT by FY25 and double its EBIDTA by FY23”.
The company is also developing a transhipment port at Vizhinjam, Kerala and a container Terminal at Myanmar.
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