Adani Ports completes acquisition of Karaikal Port - Times of India
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NEW DELHI: Adani Ports and Special Economic Zone Ltd (APSEZ) on Saturday said it has completed the acquisition of Karaikal Port Pvt Ltd (KPPL) pursuant to National Company Law Tribunal (NCLT) approval. Earlier, APSEZ was declared a successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of KPPL. Karaikal Port is an all-weather deep-water port in Puducherry with five operational berths, three railway sidings, total land area of over 600 hectares and a built-in cargo handling capacity of 21.5 MMT. "Acquisition consideration of Rs 1,485 crores implies an EV/EBITDA multiple of 8x on the FY23 estimated numbers," APSEZ said in a statement. According to the statement, the port is in proximity to the containerized cargo-originating industrial centres of Tamil Nadu, and the upcoming 9 MMTPA CPCL refinery. APSEZ CEO and whole-time director Karan Adani said, "With the acquisition of Karaikal port APSEZ now operates 14 ports in India. ...