MUMBAI, Jan. 3 (Xinhua) -- India's largest port developer Adani Ports said on Friday that it will be acquiring a controlling stake of 75 percent in Krishnapatnam Port Company Limited (KPCL), that operates a multi-cargo terminal on the country's east coast in the state of Andhra Pradesh.
The estimated enterprise value for the proposed acquisition is 1.89 billion U.S. dollars and the transaction is expected to be completed within 120 days, the company said in its filing with the Bombay Stock Exchange.
In 2018-19, Krishnapatnam Port, the country's second largest private sector port located 389 km East of Bengaluru, handled 54 million tons of cargo including containers, coal, break bulk and other bulk cargo along with liquid cargo generating a revenue of 334 million U.S. dollars.
"This acquisition would accelerate our stride towards FY2025 vision of handling 400 MMT (million metric tonnes) of cargo. Given the best-in-class infrastructure and the distinct hinterland catered by KPCL, this acquisition will not just increase our market share to 27 percent but also add remarkable value to our pan-India footprint," said Karan Adani, CEO and Whole Time Director of Adani Ports.