Adani Ports ups stake in Krishnapatnam Port
Adani Ports and Special Economic Zone Ltd. (APSEZ) has acquired the remaining 25 percent in Adani Krishnapatnam Port Ltd, increasing its stake from 75 to 100 percent.
Krishnapatnam Port is located on the east coast of India in Nellore district of Andhra Pradesh (180 km from Chennai Ports) close to the border between Andhra Pradesh and Tamil Nadu. Krishnapatnam Port is an all-weather, deep water port has multi-cargo facility with a waterfront of 20 km and 6,800 acres of land.
Karan Adani, chief executive officer and whole time director of APSEZ said: “The consolidation of our ownership in Krishnapatnam Portreinforces APSEZ’s stride towards 500 MMT by 2025 and achieving our broader strategy of cargo parity between west and east coasts of India. Krishnapatnam Port is on track to handle double the traffic by 2025 and will deliver high growth through a multi-product and cargo enhancement strategy while enhancing return on capital employed. We are confident that we will be able to double throughput and triple EBITDA at Krishnapatnam Port by 2025. We are committed to making Krishnapatnam Port the gateway port for South Andhra Pradesh and Karnataka. With its large industrial land backed with the port we will transform Krishnapatnam into a manufacturing and industrial hub.”