The Competition Commission of India (CCI) on Tuesday gave nod to proposed acquisition of additional 25 percent stake of Adani Krishnapatnam Port Ltd by Adani Ports and Special Economic Zone Ltd.
The acquirer already holds 75 percent shareholding in Adani Krishnapatnam Port. "As a result of the proposed combination acquirer will hold 100 percent shareholding and sole control of the Target," according to a release.
The Commission approves proposed acquisition of additional 25 percent shareholding of Adani Krishnapatnam Port Ltd by Adani Ports and Special Economic Zone Ltd, CCI said in a tweet.
In April, Adani Ports and Special Economic Zone had said it has acquired 25 per cent stake of Vishwa Samudra Holdings in Krishnapatnam Port for Rs 2,800 crore.
Krishnapatnam Port, located on the east coast of India in Nellore district of Andhra Pradesh, is an all-weather, deep water port has multi-cargo facility with a current capacity of 64 million tonne per annum.