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Adani Ports and Special Economic Zone Limited (APSEZ), India's largest port developer, operator and logistics arm of the Adani Group will be acquiring a controlling stake of 75 per cent from the existing shareholders of KPCL.
KPCL is located in the southern part of Andhra Pradesh and is a multi-cargo facility that handled 54 million metric tonnes (MMT) in FY2019. The acquisition value of KPCL is approximately Rs 135 billion. The purchase consideration will be funded through internal accruals and existing cash balances.
Karan Adani, CEO & Whole Time Director, APSEZ said, (Given the best-in-class infrastructure and the distinct hinterland catered by KPCL, this acquisition will not just increase our market share to 27 per cent but also add a remarkable value to our pan-India footprint.
Adani added that APSEZ will target to enhance cargo volume at KPCL to 100 MMT in around seven years and will double its EBIDTA in around four years through its process improvements and industry best practices.
The acquisition is subject to regulatory approvals and is expected to be completed by May this year.