New Delhi: Adani Ports and Special Economic Zone Limited (APSEZ) on Saturday said that it has completed the acquisition of Karaikal Port Private Limited (KPPL) as per the approval of the National Company Law Tribunal (NCLT). Earlier, APSEZ was declared a successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of KPPL.
Karaikal Port is an all-weather deepwater port in Puducherry with five operational berths, three railway sidings, a total land area of over 600 hectares and an inbuilt cargo handling capacity of 21.5 MMT. ,ALSO READ: India’s unemployment rate hits three-month high of 7.8% in March: CMIE,
“The acquisition consideration of Rs 1,485 crore has an EV/EBITDA multiple of 8x on the estimated FY23 numbers,” APSEZ said in a statement. ,ALSO READ: White House denies paying for Twitter’s Blue Verification: Report,
According to the statement, the port is in close proximity to containerized cargo-origin industrial centers of Tamil Nadu and the upcoming 9 MMTPA CPCL refinery.
APSEZ CEO and Whole Time Director Karan Adani said, “With the acquisition of Karaikal Port, APSEZ now operates 14 ports in India. Over time, APSEZ plans to upgrade the infrastructure to 850 Will spend Rs.
“We envisage doubling the port’s capacity in the next five years and also adding a container terminal to make it a multipurpose port,” he added. Karaikal Port was commissioned in 2009 and is developed in Karaikal district of the Union Territory of Puducherry, about 300 km south of Chennai.
It is the only major port between Chennai and Tuticorin, and its strategic location gives the port easy access to the industrial-rich hinterland of central Tamil Nadu.
The port receives a water draft of 14 meters and has a land area of over 600 acres.
Adani Ports and Special Economic Zone, the flagship transportation arm of the diversified Adani Group, is India’s largest private ports and logistics company.