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Adani to buy major stake in Krishnapatnam Port
Deal value is said to be around `5,500 cr for around 70% stake; Navayuga owns the port
Nellore: To pare down its debt burden and curtail mounting losses, CVR Group, also known as Navayuga Group, is reportedly divesting majority stake in Krishnapatnam Port Company Ltd (KPCL) to Adani Group, the country's largest commercial ports operator. Unconfirmed reports say the deal value is around $5,500 crore.
Krishnapatnam Port, owned by the Andhra Pradesh Government in the name of Krishnapatnam Port Company Limited, was given to the CVR Group for development and port operations on a 30-year contract from September 2004 and the Group has more than 90 per cent of shares.
Started operations in 2008, the port has been facing severe losses due to inadequate operations Adani Ports and Special Economic Zone Limited (APSEZ), which is said to buy the stake, is the largest commercial port operator, owning around one-fourth of the cargo movement in the country.
APSEZ is operating three logistics parks at Patli in Haryana, Kila-Raipur in Punjab and Kishangarh in Rajasthan.
It has ports in Mundra, Dahej, Kandla and Hazira ports in Gujarat; Dhamra in Odisha, Mormugao in Goa, Bhavanapadu port in Srikakulam of AP, Kattupalli and Ennore ports in Tamil Nadu with a cumulative cargo handling capacity of around 400 MT. Now, the Group is entering south coast of AP for further strengthening its presence on the East Coast.
A senior official from the Industries Department said plans were underway for acquiring around 70 per cent stake by Adani Group. The CVR Group will retain remaining 30 per cent in the port.
Both groups reportedly entered into an agreement sometime ago. The KPCL handled 45 million tonnes during 2017-18 and 54.37 MT of cargo during 2018-19.
The port is currently having sophisticated cranes, unloaders, latest conveyor system, hoppers, dedicated railway sidings, automatic bagging machines, and with night navigation facility.
The Adani Group bagged Bhavanapadu Port in Srikakulam district last year. It is a satellite port for Visakhapatnam Port. KPCL will be the second port to be owned by Adani Group.
