This will end result in APSEZ growing its stake from 75 per cent to 100 per cent in Krishnapatnam Port.
Krishnapatnam Port, positioned 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 present capability of 64 million tonne every year (MTPA).
“APSEZ, the flagship transportation arm of the diversified Adani Group, is announcing the acquisition of the residual 25 per cent stake in Adani Krishnapatnam Port, (Krishnapatnam Port) for Rs 2,800 crore,” the corporate stated in an announcement.
With a waterfront of 20 km and 6,800 acres of land, Krishnapatnam Port has a grasp plan capability of 300 MTPA and a 50-year concession, it stated.
“Together with the 75 per cent ownership acquired in October 2020, the acquisition implies an enterprise value of Rs 13,675 crore implying an EV/ FY21 EBITDA multiple of 10.3x,” the corporate stated.
The port is predicted to have volumes of 38 MT, revenues of Rs 1,840 crore and EBITDA of Rs 1,325 crore in FY21, it stated.
Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ stated, “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.”
He stated Krishnapatnam Port is on monitor to deal with double the site visitors by 2025 and can ship excessive development via a multi-product and cargo enhancement technique whereas 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,” Adani added.
APSEZ is the biggest port developer and operator in India with 12 strategically positioned 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 and Kattupalli and Ennore in Chennai.
These symbolize 24 per cent of the nation’s complete port capability, dealing with huge quantities of cargo from each coastal areas and the huge hinterland. The firm can also be growing a transhipment port at Vizhinjam, Kerala.
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