Adani Ports and Special Economic Zone (APSEZ) will acquire a controlling stake in Krishnapatnam Port Company (KPCL).
The APSEZ will buy 75 percent stake in KPCL at an enterprise value of Rs 13,572 crore. The all-cash deal will be funded through internal accruals and existing cash balance.
The transaction is expected to be completed within 120 days, subject to legal approvals.
The port is located at Krishnapatnam in Nellore district of Andhra Pradesh. the port was developed in 2008 by the CVR TGroup, which continues to own a majority stake. London-based private equity firm 3i Group owns a minority stake. With Krishnapatnam, APSEZ now has 12 ports and terminals across the country.