Andhra Pradesh: Adani Ports and Special Economic Zone Ltd on Friday said that it will acquire a controlling stake of 75 per cent of Krishnapatnam Port Company Ltd for around Rs 13,500 crore.

Located in the southern part of Andhra Pradesh, Krishnapatnam Port is a multi-cargo facility and handled 54 million tonnes (MT) in the financial year 2018-19.

In a statement, Adani Ports said that the purchase consideration of around Rs 13,500 crore would be funded through internal accruals and existing cash balance. The acquisition is subject to regulatory approvals and the transaction is expected to be completed in 120 days, it added.

According to the company, the acquisition would accelerate its stride towards 400 MMT by 2025.

Commenting on the development, Karan Adani, CEO and whole time Director of Adani Ports said: "This acquisition will not just increase our market share to 27 per cent but also add remarkable value to our pan-India footprint."

He also tweeted about the development and wrote, "With the experience of successfully turning around acquisitions of Dhamra and Kattupalli ports, we are confident of harnessing the potential of Krishnapatnam port and improve returns to stakeholders”. Take a look at his tweet.

With the experience of successfully turning around acquisitions of Dhamra and Kattupalli ports, we are confident of harnessing the potential of KPCL and improve returns to stakeholders.
— Karan Adani (@AdaniKaran) January 3, 2020