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One more port in Andhra Pradesh goes into the hands of Gujarat-based Adani Group
By: Tupaki Desk | 5 April 2021 5:11 PM IST
The Adani group based out of Gujarat has captured one more port in Andhra Pradesh. Unlike the Gangavaram port, the Gujarat company has acquired the total stake in the Krishnapatnam Port.
Adani Ports and Special Economic Zone Ltd. (APSEZ), an integrated infrastructure corporation, which is a part of the Adani group confirmed the news of the group capturing the full stake in the Krishna Patnam port.
The APSEZ which holds 75 percent of stakes in the Krushna Patnam port acquired the remaining 25 percent port for a whopping amount of Rs 2,800 crore, resulting in the Adani Group claiming a full stake in the port.
With this, Adani Group now has two ports in its hands. A few weeks back, the Gujarat-based company accrued a lion share of stakes in the Gangavaram port located in the port city Visakhapatnam.
Looking at the Krishnapatnam port, the port is located in the Nellore district in Andhra Pradesh. The port is located about 190 km north of the Chennai Port and 18 km east of the city of Nellore.
Talking about the acquisition of the full stakes in the port, Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, it is part of our aim to achieve the broader strategy of cargo parity between the west and east coasts of India.
"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," Mr. Adani said.
Adani Ports and Special Economic Zone Ltd. (APSEZ), an integrated infrastructure corporation, which is a part of the Adani group confirmed the news of the group capturing the full stake in the Krishna Patnam port.
The APSEZ which holds 75 percent of stakes in the Krushna Patnam port acquired the remaining 25 percent port for a whopping amount of Rs 2,800 crore, resulting in the Adani Group claiming a full stake in the port.
With this, Adani Group now has two ports in its hands. A few weeks back, the Gujarat-based company accrued a lion share of stakes in the Gangavaram port located in the port city Visakhapatnam.
Looking at the Krishnapatnam port, the port is located in the Nellore district in Andhra Pradesh. The port is located about 190 km north of the Chennai Port and 18 km east of the city of Nellore.
Talking about the acquisition of the full stakes in the port, Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, it is part of our aim to achieve the broader strategy of cargo parity between the west and east coasts of India.
"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," Mr. Adani said.