Vijayawada: The Andhra Pradesh Cabinet gave its nod to the Adani Ports and Special Economic Zone Ltd’s acquisition of 75% stake in Krishna Patnam Port company ltd from the Hyderabad based CVR group on Thursday, paving the way for the completion of the transaction.

The AP cabinet to have given its seal of approval to the Rs. 13,572 cr deal, nearly one and half month after the competition commission of India approved the acquisition of Krishna Patnam port by the Adani Group. As a partner, our concurrence is required so that they (Adani) can takeover.

So we gave the NOC from our side. The acquisition on the commercial and legal side is already over and this was just the final NOC said minister Mekapati Gowtham Reddy. The CCI too gave its approval to the deal in the third week of July. With the AP Govt’s nod, Adani groups gains control of India’s second largest multi-cargo private sector ports, which is located at Krishna Patnam in Nellore district of AP.

The all weather deep water port has a draft of 18.5 mts that can accommodate fully loaded capsize vessels of two lakh ton capacity. The Adani group already operates the country’s largest private port at Mundra in Gujarat’s Kutch district and is the largest port developer and operator in India.

Post-acquisition, APSEZ plans to enhance Cargo volume at KPCL to 100 mmt in around seven years. KPCL is a crown jewel to join APSEZ’s string of pearls, our network of 10 economic gateways to India and will accelerate our stride towards achieving our vision of handling 400 mmt of Cargo by Financial Year 2025, Karan Adani Chief Executive officer and whole time director, APSEZ had said while announcing the deal in January this year.