Adani completes acquisition of Krishnapatnam Port Co for Rs 12,000 crore

News Network
October 5, 2020

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New Delhi, Oct 5: Adani Ports and Special Economic Zone (APSEZ) on Monday said it has completed the acquisition of Krishnapatnam Port Company Ltd (KPCL) for an enterprise value of Rs 12,000 crore.

The company acquired a controlling stake of 75 per cent in India's second-largest private-sector port and said the acquisition will accelerate the handling of 500 million tonnes (MT) throughput by 2025.

With this acquisition, APSEZ is expecting its market share in FY21 to increase from 21 per cent to 25 per cent.

"APSEZ, India's largest port developer, operator and the logistics arm of the Adani Group, today announced the completion of the acquisition of KPCL for an enterprise value of Rs 12,000 crore. This will result in APSEZ having a controlling stake of 75 per cent in KPCL from the CVR Group and other investors," the company said in a statement.

KPCL is a multi-cargo facility port situated in the southern part of Andhra Pradesh, a state which has the second-largest coastline in India.

The company said: "In FY21, the port is expected to generate an EBITDA of approximately Rs 1,200 crore, resulting in an acquisition EV/ EBITDA multiple of 10x".

This acquisition will accelerate APSEZ’s stride towards 500 MMT (metric million tonnes) by 2025 and is another step in implementing APSEZ's stated strategy of cargo parity between the west and east coasts of India, it added.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, "I am happy that KPCL, the second-largest private port in India, has now become part of APSEZ portfolio. This transformational acquisition enables us to roll out world-class customer service to an increased customer base and provide pan India solution to them."

"Our experience of turning around acquisitions like Dhamra and Kattupalli ports will enable us in harnessing the potential of KPCL. We will target to enhance throughput at KPCL to 100 MMT by FY25 and double its EBIDTA by FY23," he added.

With a vast waterfront and land availability of over 6,700 acres, KPCL is capable of replicating Mundra and would be future ready to handle 500 MMT, Adani said.

"We will replicate our operations and maintenance philosophy at KPCL, continue to focus on environment, reduce emission levels and have zero tolerance for fatalities and thus improve returns to stakeholders," he said.

APSEZ, a part of globally diversified Adani Group, is the largest port developer and operator in India with a formidable presence in port infrastructure and logistics services.

APSEZ's 11 strategically located ports and terminals represent 24 per cent of the country's total port capacity, handling vast amounts of cargo from both coastal areas and the vast hinterland.

The company is also developing a transhipment port at Vizhinjam, Kerala and a container Terminal at Myanmar.

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News Network
November 13,2024

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Bengaluru: An estimated overall 10.14 per cent voter turnout was recorded during the first two hours, since the voting began for bypolls to three Assembly segments in Karnataka on Wednesday, election officials said.

The voting began at 7 am and will go on till 6 pm.

More than seven lakh voters are eligible to cast their votes in about 770 polling stations in Shiggaon, Sandur and Channapatna, where a total of 45 candidates are in the fray.

While Channapatna recorded 10.34 per cent voter turnout till 9 am, it was 10.08 per cent in Shiggaon, and 9.99 per cent in Sandur, election officials said.

Voters, including women and elderly were seen queuing up in front of polling booths in these segments.

By-polls for Sandur, Shiggaon, and Channapatna are necessitated, as the seats fell vacant following the election of their respective representatives -- E Tukaram of Congress, former CM Basavaraj Bommai of BJP, and Union Minister H D Kumaraswamy of JD(S) -- to Lok Sabha in May elections.

As many as 31 candidates are in the fray from Channapatna, while Sandur and Shiggaon have six and eight contenders, respectively.

Elaborate security arrangements have been made in the three segments for the smooth conduct of the polls.

The by-polls will witness a straight fight between the ruling Congress and BJP in Sandur and Shiggaon segments, while in Channapatna, JD(S) which is part of the NDA alliance is in contest against the grand old party.

Among the three segments, Channapatna is considered to be a "high profile", where the contest is between C P Yogeeshwara, a five time MLA from the segment and former Minister, who joined the Congress quitting BJP ahead of nomination, and actor-turned -politician Nikhil Kumaraswamy, who is Kumaraswamy’s son and former PM H D Deve Gowda's grandson.

BJP's Bharath Bommai, son of Basavaraj Bommai, is fighting Congress Yasir Ahmed Khan Pathan, who had faced defeat against the former Chief Minister in the 2023 Assembly polls, in Shiggaon.

Bharath Bommai and his father cast their vote at a polling booth in Shiggaon segment.

In Sandur, Bellary MP Tukaram's wife E Annapurna of Congress is contesting from the seat vacated by her husband, against, BJP ST Morcha president Bangaru Hanumanthu, who is considered close to party leader and former mining barron G Janardhan Reddy.

Annapurna, Tukaram and other family members cast their votes at a booth in the segment.

With Nikhil Kumaraswamy and Bharath Bommai contesting, the third generation of Gowda and Bommai families are in the fray in this by-poll. Both their fathers and grandfathers have served as Karnataka's Chief Ministers in the past.

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News Network
November 4,2024

In a tragic turn of events, a young spectator lost his life during a bull-taming event, Kobbari Hori, at Chigalli in Mundgod taluk, Uttara Kannada, on Saturday. 

Parameshwar Siddappa Harijan, aged 22, was fatally gored by a marauding bull during the event, which had drawn large crowds as part of the Deepavali festival celebrations.

With thousands of spectators lining the path to witness the action, the event took a horrific turn when the bull charged directly at Parameshwar, inflicting severe injuries. 

Despite efforts to rush him to the hospital, Parameshwar tragically succumbed to his wounds on the way.

In response to the fatal accident, another bull-taming event scheduled for the evening in Mundgod town was promptly cancelled, as shock and grief swept through the community following the heartbreaking incident.

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News Network
November 13,2024

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Beirut: The Israeli army on Tuesday continued to launch attacks against civilians in Lebanon, targeting them in several areas without prior evacuation warnings.

However, 13 airstrikes on Beirut’s southern suburbs in the space of only three hours were preceded by evacuation warnings.

The attacks caused no injuries but resulted in widespread destruction of residential buildings and commercial, medical and educational centers.

The airstrikes in southern Lebanon and Bekaa region, reaching Akkar in Lebanon’s far north, erased any hope of a near-term ceasefire settlement.

The strikes were accompanied by an announcement on Israel’s Channel 14 that “the Israeli army has expanded its operations in southern Lebanon to areas it had not reached since the beginning of the ground operation.”

About 50 days have passed since Israel intensified its hostile operations in Lebanon targeting Hezbollah. The death toll from these confrontations and attacks has passed 3,200, with more than 14,000 wounded.

For the first time, an airstrike targeted a mountainous area between Baalchmay and Aabadiyeh on the road leading to Aley, destroying a building housing displaced people.

The mayor of Baalchmay, Adham Al-Danaf, confirmed that “the airstrike targeted a residential building in the Dhour Aabadiyeh area.”

The initial toll from the Ministry of Health showed “five people killed and two injured.”

The raids that targeted Beirut’s southern suburbs for the first time in the morning, unlike nightly raids before, caused huge destruction. Those who evacuated their homes after Israeli warnings, used their phones to record the collapse of empty buildings in Sfeir, Haret Hreik, Bir Al-Abed, Mrayjeh, Laylaki and Hadath.

Israeli warplanes also targeted Tyre, where a strike on a building killed three people and injured many others, while a raid on Tefahta killed a man identified as Kifah Khalil and his family.

Attacks were widespread, with Yater and Zebqine subject to artillery shelling, a civilian being killed in Hermel, and further attacks on Bouday and an area between the towns of Srifa and Arsoun.

A raid on the town of Siddiqin killed two people and injured several others, while an attack on the Mechref farm led to one fatality and multiple injuries.

The search for those missing after an Israeli raid on the town of Ain Yaacoub in Akkar, in the northernmost part of Lebanon, continued until dawn.

During the operation, 14 bodies were retrieved, identified as those of residents displaced from the town of Arabsalim in the Iqlim Al-Tuffah area of the south, along with members of a Syrian family, a mother and three of her children. Additionally, there were 10 people in critical condition.

The targeted residence belongs to a Lebanese citizen, Hussein Hashim, who is reported to be a member of the Syrian Social Nationalist Party.

An airstrike on the town of Saksakiyeh in the Sidon region on Monday night resulted in yet another tragedy.

It appeared that the intended target was the Shoumer family, who just days before lost Hussein Amin Shoumer and his two sisters in a drone strike near Al-Awali River.

Israeli army spokesperson Avichay Adraee issued additional evacuation warnings for towns in the southern region along the Litani River, which, according to estimates from the mayors, are currently 90 percent uninhabited.

In the meantime, Hezbollah announced its continued efforts to “combat the intrusions of Israeli forces and to strike military installations and towns in the north.”

Hezbollah said in a statement that it confronted “an Israeli Hermes 450 drone in the airspace of Nabatieh and forced it to leave Lebanese airspace.”

The party also announced that it targeted “Kfar Blum settlement with a rocket salvo.”

On the Israeli side, air raid sirens sounded in areas of Upper and Western Galilee and in the town of Kiryat Shmona and its surroundings.

The Israeli army confirmed that “a drone exploded in Nesher, east of Haifa, without activating the air raid sirens,” and that “a drone launched from Lebanon crashed into a school in Gesher HaZiv, north of Nahariya.”

Israel’s Channel 13 reported the Israeli military’s assessment regarding Hezbollah’s military strength, claiming that the group currently possesses approximately 100 precision missiles, thousands of artillery shells, and hundreds of rockets. Additionally, it was highlighted that “there are around 200 Lebanese towns that remain unvisited.”

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