Apsez to acquire majority stake in krishnapatnam port<br>[reporter Zhou Jiayang / Taipei report] January 8, 2020<br>The largest port developer in India is also part of the Adani group, and apsez has decided to acquire a controlling stake in krishnapatnam Kr ishnapatnam Port Co., Ltd. (kpcl), which will buy 13.5 billion Indian rupees (US $1.9 billion) from kpcl's existing shareholders, according to the UK shipping website Acquired 75% of its shares.<br>It was pointed out that krishnapatnam port, located in the south of the coastline of Andhra Pradesh, is the second largest private port in India, only second to Mundra. According to Karan Adani, chief executive of apsez, the company aims to increase kpcl's freight volume to 1 million tons (MMT) within seven years, and expects to double ebidt within four years. It is expected that the acquisition will accelerate apsez's progress to 4 million tons by 2025.<br>Adani stressed that the acquisition will speed up the company's vision of 2020, which is to handle 4 million tons of goods. The acquisition will not only increase the company's market share to 27%, but also add value to the company's development in India. Port operators point out that the deal is yet to be approved by regulators and is scheduled to be completed within four months.<br>It is reported that the acquisition is a transaction after apsez acquired dhamra and kattupalli ports in 2014 and 2018 respectively.<br>
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