New Delhi: The Competition Commission of India (CCI) approves proposed acquisition of additional 25% shareholding of Adani Krishnapatnam Port Limited by Adani Ports and Special Economic Zone Limited.
The proposed combination envisages acquisition of additional 25% shareholding of Adani Krishnapatnam Port Limited (Target) by Adani Ports and Special Economic Zone Limited (Acquirer).
The Acquirer is a private multi-port operator. It is currently present at 11 ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. It already holds 75% shareholding of the Target. As a result of the proposed combination Acquirer will hold 100% shareholding and sole control of the Target.
The Target is engaged as a developer and operator of an all-weather, deepwater multi-purpose port located at Krishnapatnam, Andhra Pradesh, under Build-Operate-Share-Transfer concession from the Government of Andhra Pradesh.
Detailed Order of the CCI will follow.