CCI okays acquisition of Krishnapatnam Port Co by Adani Ports and SEZ Ltd

The proposed transaction involves acquisition of equity shareholding along with management control of 100% of the total issued, outstanding preference share capital of Krishnapatnam Port Company

Fair trade regulator CCI on Wednesday said it has given its nod to acquisition of Krishnapatnam Port Company Ltd by Adani Ports and Special Economic Zone Ltd.

The proposed transaction involves acquisition of equity shareholding along with management control of 100 per cent of the total issued and outstanding preference share capital of Krishnapatnam Port Company, a combination notice filed with the regulator noted.

In a tweet on Wednesday, the Competition Commission of India (CCI) said it "approves acquisition of Krishnapatnam Port Company Limited by Adani Ports and Special Economic Zone Limited." Krishnapatnam Port Company is engaged as a developer and operator of the deep water port at Krishnapatnam, Andhra Pradesh, while Adani Ports and Special Economic Zone Ltd is a customer-facing integrated port infrastructure services provider present across 10 domestic ports in Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha, the combination notice said.