Adani Ports and Special Economic Zone Ltd said it has received relevant regulatory approval for the acquisition of Kattupalli port near Chennai from L&T Shipbuilding.
The company said it now expects to close the transaction, announced two years ago, in one week.
The Port is located 30 kms towards north of Chennai and and can be used to cater to the industrial belt of Chennai, Bangalore and South Andhra Pradesh.
Adani Ports wil pay Rs 388 cr to L&T and its units, while assuming or settling liabilities of another Rs 1,562 cr.
The business, known as Marnine Infrastructure Developer Pvt Ltd, had revenue of Rs 99 cr for FY17 and no revenue for FY18.
Adani said it will develop the container terminal further and provide bulk terminal, marine and container services at the location.
Adani Ports and Special Economic Zone Limited (APSEZ) is India’s largest private multi-port operator, and is a part of the Adani Group, an integrated infrastructure corporation.
The company, earlier known as Mundra Port & Special Economic Zone Ltd, operates around 10 ports in India comprising 45 berths and 14 terminals in 6 states.
