Adani Ports and Special Economic Zone Ltd (APSEZ) will buy a greenfield commercial port in Kakinada currently under construction, in the Indian region of Andhra Pradesh, according to national media.
If reports are true then it will be the second significant purchase made by APSEZ this year after it bought Krishnapatnam Port Company (KPCL), also based in Andhra Pradesh, earlier in January.
That acquisition, which Port Technology International (PTI) reported on, involved APSEZ taking a 75% stake in KPCL, although as of 28 January 2020, it is still awaiting regulatory approval.
Reports suggest APSEZ will take over the port and the nearby special economic zone (SEZ) from Indian infrastructure giant GMR Group.
It is not known how much the rumoured acquisition would cost but it is believed it could cost ADSEZ as much as $350 million for the development of the port.
Said developments could include break water construction, channel and berths.
APSEZ has been approached for contact and is yet to respond.
