Adani Ports and Special Economic Zone (APSEZ) on Monday said it has acquired a 25 per cent of Vishwa Samudra Holdings in Krishnapatnam Port for Rs 2,800 crore.

This will result in APSEZ increasing its stake from 75 per cent to 100 per cent in Krishnapatnam Port.

Krishnapatnam Port, located on the east coast of India in Nellore district of Andhra Pradesh, is an all-weather, deep water port. It has a multi-cargo facility with a current capacity of 64 million tonnes (mt) per annum.

With a waterfront of 20 km and 6,800 acres of land, Krishnapatnam Port has a master plan capacity of 300mt and a 50-year concession, it said.

“Together with the 75 per cent ownership acquired in October 2020, the acquisition implies an enterprise value of Rs 13,675 crore,” the firm said.

The port is expected to have volumes of 38mt, revenues of Rs 1,840 crore and an EBITDA of Rs 1,325 crore in 2020-21, it said.

Karan Adani, chief executive officer and wholetime director of APSEZ, said: “The consolidation of our ownership in Krishnapatnam Port reinforces APSEZ’s stride towards 500mt by 2025 and achieving our broader strategy of cargo parity between the west and east coasts of India.”

He said Krishnapatnam Port is on track to handle double the traffic by 2025 and will deliver high growth through a multi-product and cargo enhancement strategy while enhancing return on capital employed.

On March 23, APSEZ had said it will acquire a controlling interest in Gangavaram Port Ltd (GPL) from DVS Raju and family for Rs 3,604 crore taking its stake in GPL to 89.6 per cent. GPL is located in the northern part of Andhra Pradesh next to Vizag Port.

APSEZ had announced the acquisition of Warburg Pincus’ 31.5 per cent stake in GPL on March 3.