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Adani Group is likely to acquire 72 per cent stake in Krishnapatnam Port Company (KPCL), operator of the deepwater seaport in Andhra’s Nellore district.
The two parties have signed a confidentiality agreement in this regard. Unconfirmed reports put the proposed deal value at Rs 5,500 crore.
Promoted by the Hyderabad-based CVR (Navayuga) group, KPCL had developed the project 10 years earlier, under a concession agreement signed with the state government. The port commenced operations in April 2008 and handled 54.37 million tonnes of cargo in 2018-19. The proposed acquisition includes equity stake held by the 3i Group, an international private equity investment
