Adani Ports and Special Economic Zone Limited (APSEZ) has taken a controlling stake of 75% in Krishnapatnam Port Company Ltd (KPCL).
KPCL is a multi-cargo facility port situated in the southern part of Andhra Pradesh a state which has the second largest coastline in India. The acquisition will accelerate APSEZ’s stride towards its stated strategy of cargo parity between west and east coasts of India.
Karan Adani, chief executive officer, APSEZ, commented: “I am happy that KPCL the second largest private port in India has now become part of APSEZ portfolio. This transformational acquisition enables us to roll out world class customer service to an increased customer base and provide pan India solution to them.
“Our experience of turning around acquisitions like Dhamra and Kattupalli ports will enable us in harnessing the potential of KPCL. We will target to enhance throughput at KPCL to 100 MMT by FY25 and double its EBIDTA by FY23. With a vast waterfront and land availability of over 6,700 acres, KPCL is capable of replicating Mundra and would be future ready to handle 500 MMT.
“We will replicate our operations and maintenance philosophy at KPCL, continue to focus on environment, reduce emission levels and have zero tolerance for fatalities and thus improve returns to stakeholders.”