New Delhi: Adani Ports and Special Financial Zone (APSEZ) on Monday said it has actually gotten 25 percent stake of Vishwa Samudra Holdings in Krishnapatnam Port for Rs 2,800 crore.This will result in APSEZ increasing its stake from 75 percent to 100 per cent in Krishnapatnam Port.
Krishnapatnam Port, situated on the east coast of India in Nellore district of Andhra Pradesh, is an all-weather, deep water port has multi-cargo facility with a current capacity of 64 million tonne per annum (MTPA).
APSEZ, the flagship transport arm of the diversified Adani Group, is revealing the acquisition of the residual 25 per cent stake in Adani Krishnapatnam Port, (Krishnapatnam Port) for Rs 2,800 crore, the business stated in a statement.With a waterfront of 20 km and 6,800 acres of land, Krishnapatnam Port has a master plan capacity of 300 MTPA and a 50-year concession, it said.
Together with the 75 per cent ownership obtained in October 2020, the acquisition indicates an enterprise worth of Rs 13,675 crore suggesting an EV/ FY21 EBITDA multiple of 10.3 x, the business said.The port is anticipated to have volumes of 38 MT, incomes of Rs 1,840 crore and EBITDA of Rs 1,325 crore in FY21, it said.Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, The combination of our ownership in Krishnapatnam Port enhances APSEZ's stride towards 500 MMT by 2025 and accomplishing our wider technique of cargo parity between west and east coasts of India.
He said Krishnapatnam Port is on track to manage double the traffic by 2025 and will provide high growth through a multi-product and freight improvement technique while improving return on capital employed.
We are positive that we will be able to double throughput and triple EBITDA at Krishnapatnam Port by 2025.
We are devoted to making Krishnapatnam Port the gateway port for South Andhra Pradesh and Karnataka.
With its large commercial land backed with the port we will change Krishnapatnam into a manufacturing and industrial hub, Adani included.
APSEZ is the biggest port designer and operator in India with 12 tactically situated ports and terminals-- Mundra, Dahej, Tuna and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam and Krishnapatnam in Andhra Pradesh, Dighi in Maharashtra and Kattupalli and Ennore in Chennai.These represent 24 per cent of the country's overall port capability, dealing with large amounts of cargo from both coastal areas and the huge hinterland.
The business is also developing a transhipment port at Vizhinjam, Kerala.