NEW DELHI: Fair trade regulator Competition Commission of India (CCI) on Wednesday said it has given its nod to acquisition of Krishnapatnam Port Company Ltd by Adani Ports and Special Economic Zone Ltd.
The proposed transaction involves acquisition of equity shareholding along with management control of 100 per cent of the total issued and outstanding preference share capital of Krishnapatnam Port Company, a combination notice filed with the regulator noted.
In a tweet on Wednesday, the CCI said it "approves acquisition of Krishnapatnam Port Company Limited by Adani Ports and Special Economic Zone Limited."
Krishnapatnam Port Company is engaged as a developer and operator of the deep water port at Krishnapatnam in Nellore district of Andhra Pradesh.
Adani Ports and Special Economic Zone Ltd is a customer-facing integrated port infrastructure services provider present across ten domestic ports in Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha, the combination notice said.
In January this year, APSeZ said it will acquire 75 per cent stake for a total consideration of Rs 13,572 crore from the CVR Group. The balance stake will be held by the CVR Group.
(With inputs from PTI)