AsiaPorts and Logistics

Adani Ports completes Krishnapatnam buy-out

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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