Adani Ports and Special Economic Zone  Ltd. (APSEZ), India’s largest private Ports & Logistics company and the flagship transportation arm of the diversified Adani Group, is announcing the acquisition of the residual 25% stake in Adani Krishnapatnam Port Ltd., (Krishnapatnam Port) for Rs. 2,800 crores (USD 371.67 million). This will result in APSEZ increasing its stake from 75% to 100% in Krishnapatnam Port.

Together with the 75% ownership acquired in October 2020, the acquisition implies an enterprise value of Rs. 13,675 crores (USD1.81 billion) implying an EV/ FY21 EBITDA multiple of 10.3x.

Krishnapatnam Port is located on the east coast of India in Nellore district of Andhra Pradesh (~180 km from Chennai Ports) close to the border between Andhra Pradesh and Tamil Nadu. Krishnapatnam Port is an all-weather, deep water port has a multi-cargo facility with a current capacity of 64 MMTPA. With a waterfront of 20 km and 6,800 acres of land, Krishnapatnam Port has a master plan capacity of 300 MMTPA and a 50-year concession.

The port is expected to have volumes of 38 MMT, revenues of Rs. 1,840 crores (USD244.24 million).