CURRENT AFFAIRS

Detailed explanation-1: -Mumbai: Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest private sector port operator, has agreed to buy a 75% stake in Krishnapatnam Port Co.

Detailed explanation-2: -It is located about 190 km north of the Chennai Port and 18 km east of the city of Nellore. The port was owned and operated by the Krishnapatnam Port Company Limited (KPCL) which was 92% owned by Hyderabad-based CVR Group. The London-based equity firm 3i owned the remaining 8% equity in KPCL.

Detailed explanation-3: -The acquisition was undoubtedly made attractive by the 50-year concession (land lease) that had been granted the Balaji Group to develop the port by the Maharashtra Maritime Board. The acquisition process was completed in February 2021 for Rs 705 crore (about US $93 million).

Detailed explanation-4: -completed the acquisition of 100% Dighi Port Limited (DPL) for INR 705 Cr on February 15, 2021. The company had intimated the commencement of this development to stock exchanges on March 6, 2020.

Detailed explanation-5: -India’s Pipavav port in Southwest Gujarat is the highest ranked at number 26, while Mundra is ranked at 48. Six more ports from India - Jawaharlal Nehru Port at 54, Hazira at 68, Chennai at 79, Krishnapatnam at 95, Visakhapatnam at 98 and Cochin at 99 make it to the top 100 rankings in the index.