Quick rising Adani Ports has accomplished the 100% buy-out of Krishnapatnam Port on the east coast of India, paying $38.1m for the 25% stake held by Vishwa Samudra Holdings.
With a waterfront of 20 km and 6,800 acres of land, Krishnapatnam Port has a masterplan capability of 300m tonnes per 12 months with Adani holding a 50-year concession. The port, positioned 180 km from Chennai, is anticipated to deal with 38m tonnes this 12 months.
Karan Adani, CEO of Adani Ports stated, “We’re assured that we can double throughput and triple EBITDA at Krishnapatnam Port by 2025. We’re dedicated to creating Krishnapatnam Port the gateway port for South Andhra Pradesh and Karnataka. With its giant industrial land backed with the port we are going to rework Krishnapatnam into a producing and industrial hub.”
Final month, Adani, India’s largest personal port operator, took management of Gangavaram Port whereas in February it accomplished the acquisition of a 100% stake in Dighi Port close to Mumbai. The corporate has now 13 ports in its portfolio.