Adani Ports and Special Economic Zone (APSEZ) is set to acquire up to 70% in Krishnapatnam Port in a deal valued at more than Rs55bn ($770.58m).
APSEZ is part of the Indian conglomerate Adani Group. The corporation will purchase the stake from Krishnapatnam Port Company, which manages the deepwater port in the Indian state of Andhra Pradesh.
The proposed takeover will provide APSEZ access to the waterfront area of 12.5km, as well as a transit storage space of 6,800 acres.
The acquisition will also...
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