Adani Group likely to acquire 72% stake in Andhra's Krishnapatnam Port

Unconfirmed reports put the proposed deal value at over Rs 5,500 crore

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