The Competition Commission of India (CCI) has approved acquisition of Krishnapatnam Port Company Limited (KPCL) by Adani Ports and Special Economic Zone Limited (APSEZ). The proposed transaction involves acquisition of equity shareholding along with management control of 100% of the total issued and outstanding preference share capital of Krishnapatnam Port Company, a combination notice...
The Competition Commission of India (CCI) has approved acquisition of Krishnapatnam Port Company Limited (KPCL) by Adani Ports and Special Economic Zone Limited (APSEZ). The proposed transaction involves acquisition of equity shareholding along with management control of 100% of the total issued and outstanding preference share capital of Krishnapatnam Port Company, a combination notice filed with the regulator noted.
According to a Press Release by CCI, “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).
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).”