SOURCE: Economic Times
Adani ports receives approval from the CCI
The Competition Commission of India (CCI) has authorised Adani Ports & Special Economic Zone’s acquisition of an additional 25% share in Adani Krishnapatnam Port (APSEZ).
The Rs 2,800 crore deal will see the Gautam Adani-led group acquire complete ownership of the port in southern Andhra Pradesh. APSEZ purchased a 75% interest in October of last year.
Additionally, the CCI approved the acquisition of 100 percent interest in YES Asset Management and YES Trustee Ltd by White Oak Capital-owned GPL Finance & Investments.
APSEZ has bought Vishwa Samudra Holdings’ remaining 25% ownership in India’s second largest private port.
When combined with the previous deal, APSEZ estimates that the implicit enterprise value of Adani Krishnapatnam Port is Rs 13,675 crore.
The logistics branch of the Adani Group currently operates 11 ports across six maritime states: Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha. Adani Krishnapatnam is an all-weather, deep-water multifunctional port being developed by Adani under an Andhra Pradesh government build-operate-transfer concession.
Yes Bank’s transaction with Prashant Khemka’s firm will signal the bank’s exit from the mutual fund industry, since the bank’s ownership of YES Mutual Fund would be transferred to GPL Finance.
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Adani ports receives approval from the CCI Adani ports receives approval from the CCI