Shardul Amarchand Mangaldas and Co advises the Promoters, CV Rao, of Krishnapatnam Port Company Limited in its majority stake sale to Adani Ports and Special Economic Zone Limited

January 28, 2020

Shardul Amarchand Mangaldas & Co (SAM & Co) advised as legal counsel of promoters, including Mr. CV Rao, in the Krishnapatnam Port Company Limited for the sale of majority stake of the company to Adani Ports and Special Economic Zone Limited (APSEZ). The transaction involved 75% equity shares; and 100% CCPS of the company the enterprise value is calculated as approx. INR 13,500 crores with an FY 19 EBITDA of approx. INR 1,350 crores.

Krishnapatnam Port is the second largest private sector port in India, after Mundra (also owned by APSEZ), and is a multi-cargo facility which handled 54 MMT in FY 19. This is the largest acquisition by APSEZ till date.

The transaction team, who advised the promoter Mr. CV Rao, was led by Amit Kumar, Partner, Anshul Asri, Associate, Aayush Sood, Associate, Konark Deep Singh, Associate, and Dhananjay Lamba, Associate.

The tax team was led by Tax Team: Amit Singhania, Partner, and Nimish Malpani, Associate.

The deal value is approx. INR 102,00,00,00,000 crores.

Advisors to Adani Ports and Special Economic Zone Limited were Cyril Amarchand Mangaldas and Ernst & Young.