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.

Acquisition of shareholding leading to sole control of a port operator following merger approval of the transaction Approval is granted for a corporate combination in which a multi-port operator will acquire an additional twenty-five percent equity interest in a port developer and operator, increasing its shareholding from seventy-five percent to full ownership and thereby obtaining sole control. The transaction converts an existing majority stake into complete ownership, concentrating control of an all-weather, deepwater multipurpose port that operates under a Build Operate Share Transfer concession.