Adani Ports acquires Karaikal Port for ₹1485 crore

Adani Ports acquires Karaikal Port for ₹1485 crore

Daily Current Affairs / Adani Ports acquires Karaikal Port for ₹1485 crore

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Category : Business and economics Published on: April 05 2023

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Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the acquisition of Karaikal Port for a consideration of Rs 1,485 crore ($181 million) after the proposal was approved by the National Company Law Tribunal.
Earlier, APSEZ was declared as the successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of KPPL.
Karaikal Port is an all-weather deep-water port on India’s eastern coast that was developed on the Build, Operate and Transfer format under the Public-Private Partnership by the Government of Puducherry.
The Karaikal Port was commissioned in 2009, and was developed in the Karaikal District of the Union Territory of Puducherry, around 300 KMS south of Chennai.
It is the only major port between Chennai & Tuticorin, and its strategic location allows the port easy access to industrial-rich hinterland of Central Tamil Nadu.

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