Adani Ports and Special Economic Zone – the country’s largest private port and logistics company – has increased its stake in Krishnapatnam Port in Nellore district of Andhra Pradesh to 100 per cent from 75 per cent. Adani Ports acquired 25 per cent stake of Vishwasamudra Holdings in Krishnapatnam Port for 2,800 crore. Last month, Adani Ports had acquired controlling stake in Gangavaram Port in Andhra Pradesh from DVS Raju Family for Rs. 3,604 crore, taking its stake in Gangavaram Port to 89.6 per cent. “Krishnapatnam Port is located on the east coast of India in Nellore district of Andhra Pradesh close to the border between Andhra Pradesh and Tamil Nadu. Krishnapatnam Port is an all-weather, deep water port which has a multi-cargo facility, the current capacity of which is 64 million metric tonnes per annum” Adani Ports said in a press release. The acquisition is subject to approvals under applicable laws, including approval of the Competition Commission of India.
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