APSEZ gets CCI nod for 25% more stake purchase in Krishnapatnam port

Topics APSEZ | Krishnapatnam port | CCI

The Competition Commission of India (CCI) on Tuesday gave nod to proposed acquisition of additional 25 per cent stake of Adani Krishnapatnam Port Ltd by Adani Ports and Special Economic Zone Ltd.

The acquirer already holds 75 per cent shareholding in Adani Krishnapatnam Port.

"As a result of the proposed combination acquirer will hold 100% shareholding and sole control of the Target," according to a release.

The Commission approves proposed acquisition of additional 25 per cent shareholding of Adani Krishnapatnam Port Ltd by Adani Ports and Special Economic Zone Ltd, CCI said in a tweet.

In April, Adani Ports and Special Economic Zone had said it has acquired 25 per cent stake of Vishwa Samudra Holdings in Krishnapatnam Port for Rs 2,800 crore.

Krishnapatnam Port, located on the east coast of India in Nellore district of Andhra Pradesh, is an all-weather, deep water port has multi-cargo facility with a current capacity of 64 million tonne per annum.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel