High drama unfolded in the run up to Adani-Krishnapatnam Port deal
(WorldNews Business)

Three days before Adani Ports and SEZ Ltd signed a deal on January 3 to buy a 75 per cent stake in Krishnapatnam Port Co Ltd for an enterprise value of ₹13,572 crore, the Andhra Pradesh government thwarted attempts by the original promoter, CVR Group, to build a new facility in the port`s extended limits. The planned new deep-water port at Ramayapatnam in the State`s Prakasam district is now being built by the government itself, for which it has hired the AECOM-URS Scott Wilson consortium as the project management consultant. Ramayapatnam will compete with Krishnapatnam for cargo, the reason the promoters of Krishnapatnam port were keen on developing it on their own. On December 30 last...