VIJAYAWADA: The state government on Monday consented for divestment of 75 per cent shareholding in Krishnapatnam Port Company Limited (KPCL) in favour of M/s Adani Ports and Special Economic Zone Limited (Adani Ports), with a condition that the shareholders, post divestment, shall jointly honour all obligations due to the government as per the covenants of the Revised Concession Agreement.
The Industries and Investments (Port) Department on Monday issued a GO enabling Adani Ports or its affiliates to hold 75 per cent equity shares, while NATCO Genomik Private Limited holds the remaining 25 per cent. KPCL entered into an agreement on September 17, 2004 with the AP government as the concessionaire and developed the project in a phased manner. Navayuga Group and NATCO Genomic Private Limited own 100 per cent of the equity shares in Krishnapatnam Port Company Limited. The Commercial Operation date of the Project was March 20, 2009.