Workers clash with police at Adani port, 10 cops among injured
Labour unions had called a bandh on Thursday in support of their demand for the reinstatement of sacked port workers and payment of minimum wages of Rs 36,000.
Adani Ports and Special Economic Zone Ltd (APSEZ) has agreed to buy 75% of Krishnapatnam Port Company Ltd (KPCL) for an enterprise value of around Rs 13,500 crore, APSEZ announced on Friday.
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.
With this purchase, Adani Ports aims to expand its cargo-handling capacity to 400 MMT by 2025.
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“Given the best-in-class infrastructure and the distinct hinterland catered by KPCL, this acquisition will not just increase our market share to 27%, but also add remarkable value to our pan-India footprint,” said Karan Adani, CEO, Adani Ports.
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. It has the capacity to load 12,00 feet long Panamax-size ships, therefore, it will help Adani Ports to achieve their goals of gaving 400MMT of capacity.
Annually, Adani handled over 350 million metric tons of cargo a year via its 10 ports and terminals. In 2014, the it had bought Dhamra Port Co. for Rs 55 billion.
(With input from agencies)
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