Adani Ports and Special Economic Zone (APSEZ) will take full ownership of Adani Krishnapatnam Port Ltd., the holding company of Krishnapatnam Port in Andhra Pradesh by acquiring the remaining 25% stake for INR28 billion ($380 million).

The 25% residual stake in the all-weather, deep water port will be purchased by Adani Ports and Special Economic Zone from Vishwa Samudra Holdings.

The Adani Group company had acquired 75% stake in the Krishnapatnam Port in Thamminapatnam, Nellore district last October.

The port, which has a multicargo facility, has a current capacity of 64 MMTPA. It has a 50-year concession.

According to Adani Ports and Special Economic Zone, the Krishnapatnam Port is estimated to have volumes of 38 MMT, and INR 18.4 billion in revenues.

Karan Adani – CEO and Whole Time Director of Adani Ports and Special Economic Zone 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.”

Last month, Adani Ports and Special Economic Zone signed a deal worth around $500 million to acquire DVS Raju’s 58% stake in Gangavaram Port in Visakhapatnam, Andhra Pradesh. The Adani Group company will eventually have a total of 89.6% stake in the Gangavaram Port.

  Adani Group, Adani Ports and Special Economic Zone, Andhra Pradesh, Karan Adani, Krishnapatnam Port, Nellore, Thamminapatnam, Vishwa Samudra Holdings