Adani Ports and Special Economic Zone (APSEZ) has completed its takeover of the Adani Krishnapatnam Port after acquiring the remaining 25% for $376.782 million (R2,800Cr).
Krishnapatnam Port is located on the east coast of India in Nellore district of Andhra Pradesh – 180km from the Port of Chennai Port – close to the border between Andhra Pradesh and Tamil Nadu.
It is an all-weather, deep water port has multi-cargo facility with a current capacity of 64 million metric tonnes per annum (MMTPA), Adani Ports said.
With a waterfront of 20 km and 6,800 acres of land, Krishnapatnam Port will increase its capacity to 300 MMTPA over the course of Adani’s 50-year concession, the company said.
Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ, said, “The consolidation of our ownership in Krishnapatnam Port reinforces 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.”
