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New Delhi, July 23, 2020
The Competition Commission of India (CCI) has approved the acquisition of the Krishnapatnam Port Company Limited by Adani Ports and Special Economic Zone Limited.
The proposed combination envisages acquisition of equity shareholding along with management control of Krishnapatnam Port Company Limited (KPCL) by Adani Ports and Special Economic Zone Limited (Adani Ports), an official press release said today.
Adani Ports is a customer-facing integrated port infrastructure services provider currently present across ten domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. The Acquirer manages the logistics chain (i.e. from vessels management to anchorage, pilotage, tug pulling, berthing, goods handling, internal transport, storage and handling, processing and final evacuation by road or rail).
KPCL is engaged as a developer and operator of the deepwater port at Krishnapatnam, Andhra Pradesh, according to the concession agreement on Build-Operate-Share-Transfer basis with Government of Andhra Pradesh for 30 years from the date of commercial operations and entitled for a further period of 20 years (two periods of 10 years each).