The Competition Commission of India (CCI) has approved the acquisition of additional 25 per cent shareholding of Adani Krishnapatnam Port Limited by Adani Ports and Special Economic Zone Limited. On April 5, Adani Ports announced the acquisition of the remaining 25 per cent stake in Krishnapatnam Port Ltd from Vishwasamudra Holdings for a cash consideration of Rs 2,800 crore. It already holds 75 per cent shareholding of Adani Krishnapatnam Port.
Adani Ports is a private multi-port operator, which is present across 11 ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. After the CCI approval, Adani Ports will now have 100 per cent shareholding in the company.
Adani Ports, a part of the Adani Group, is the largest commercial ports operator in India, accounting for nearly one-fourth of the cargo movement in the country. Adani Krishnapatnam is engaged as a developer and operator of an all-weather, deepwater multi-purpose port at Krishnapatnam, Andhra Pradesh, under build-operate-share-transfer concession from Andhra Pradesh.
The CCI also approved the acquisition of 89.6 per cent stake in Gangavaram Port Ltd (GPL) by Adani Ports on April 13. On March 23, Adani Ports said it would acquire 58.1 per cent stake held by DVS Raju and family in GPL for Rs 3,604 crore. The company also announced the acquisition of 31.5 per cent stake held by Windy Lakeside Investment Limited, an affiliate of Warburg Pincus, in GPL for Rs 1,954 crore. Together, both the transactions would take Adani Ports' stake in GPL to 89.6 per cent.
Meanwhile, APSEZ this month reported 33 per cent year-on-year increase in consolidated net profit at Rs 5,049 crore for financial year 2020-21. Led by a 11 per cent growth in cargo to 247 million metric tonnes (MMT) during FY21, operating revenue rose 6 per cent to Rs 12,550 crore.
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