Adani Ports and Special Economic Zone Ltd (APSEZ) is reportedly in negotiations to acquire an under-construction greenfield commercial port in India.
In addition to the greenfield port in Kakinada, APSEZ are prepared to buy the adjoining SEZ in Kona village, East Godavari district, promoted by the Hyderabad-based GMR Group.
APSEZ, according to multiple sources, will take over the port and the SEZ fully from the GMR Group, said The Hindu Business Line.
Earlier this month, Port Strategy reported that APSEZ will acquire a controlling stake of 75% in Krishnapatnam Port Company Ltd (KPCL), which is 92% owned by Hyderabad-based CVR Group.
The twin acquisitions will help APSEZ expand its presence in Andhra Pradesh where it has limited presence now with only a dry bulk cargo handling terminal at the central government-owned Visakhapatnam Port Trust.
The acquisition of Kakinada Port and the SEZ would strengthen APSEZ’s portfolio along the eastern coast where it operates ports and terminals — Dhamra in Orissa, Kattupalli and Kamarajar in Tamil Nadu and Krishnapatnam in Andhra Pradesh.
