Fast growing Adani Ports has completed 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 capacity of 300m tonnes per year with Adani holding a 50-year concession. The port, located 180 km from Chennai, is expected to handle 38m tonnes this year.
Karan Adani, CEO of Adani Ports said, “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, India’s largest private port operator, took control of Gangavaram Port, while in February it completed the acquisition of a 100% stake in Dighi Port near Mumbai. The company has now 13 ports in its portfolio.