Adani Ports and Special Economic Zone Ltd (APSEZ) has successfully acquired Karaikal Port Private Ltd (KPPL) of pursuant to the approval of India’s bankruptcy court. APSEZ completed the acquisition of KPPL for ₹1,485 crore on Monday.
The National Company Law Tribunal, has declared APSEZ as the successful resolution applicant under the corporate insolvency resolution process of KPPL.
An all-weather deep-water port on India’s eastern coast, the Karaikal Port was developed on the build, operate and transfer format under the public-private partnership by the Puducherry government.
Commissioned in 2009, the port is the only major port between Chennai and Tuticorin. Its strategic location allows the port easy access to industrial-rich hinterland of central Tamil Nadu.
The port has a built-in cargo handling capacity of 21.5 million metric tonnes (mmt), which primarily handles cement, fertiliser, limestone, steel and liquids.
“APSEZ will spend further ₹850 crore over time to upgrade infrastructure in order to reduce the logistics cost for the customers,” said CEO Karan Adani.