Speed Post News Network
New Delhi : The Competition Commission of India (CCI) has approved acquisition of Krishnapatnam Port Company Limited by Adani Ports and Special Economic Zone (SEZ) Limited. The proposed combination envisages acquisition of equity shareholding along with management control of Krishnapatnam Port Company Limited (KPCL) by Adani Ports and Special Economic Zone Limited (Adani Ports).
Adani Ports is a customer-facing integrated port infrastructure services provider currently present across ten domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha. The Acquirer manages the logistics chain (i.e. from vessels management to anchorage, pilotage, tug pulling, berthing, goods handling, internal transport, storage and handling, processing and final evacuation by road or rail), according to a PIB release.
KPCL is engaged as a developer and operator of the deep water port at Krishnapatnam, Andhra Pradesh, pursuant to the concession agreement on Build-Operate-Share-Transfer basis with Government of Andhra Pradesh for a period of thirty years from the date of commercial operations and entitled for a further period of 20 years (two periods of 10 years each).