Adani Ports and Special Economic Zone Limited (NSEI:ADANIPORTS) agreed to acquire 75% stake in Krishnapatnam Port Company Limited from its existing shareholders including Navayuga Group and 3i India Infrastructure Fund I managed by 3i Group plc (LSE:III) for an enterprise value of approximately INR 120 billion on January 3, 2020. The consideration shall be paid in cash. The equity portion of purchase consideration of INR 55.2 billion will be funded through internal accruals and existing cash balance. For the financial year ended March 31, 2019, Krishnapatnam Port Company Limited reported revenue of INR 23.94 billion. The acquisition is subject to regulatory approvals and approval from Competition Commission of India. The deal is approved by Competition Commission of India on July 22, 2020. The Andhra Pradesh Cabinet has approved the transaction on September 3, 2020. The transaction is expected to be completed in 120 days. The transaction is expected to be completed in first quarter of 2021. As of June 7, 2020, the transaction is expected to complete by the third quarter of 2021. As of August 11, 2020, the acquisition is expected to close in the current quarter ending on September 30, 2020. The proceeds will be used by the Navayuga Group to settle lenders' dues.

Amit Kumar, Anshul Asri, Aayush Sood, Konark Deep Singh and Dhananjay Lamba of Shardul Amarchand Mangaldas & Co. acted as the legal advisor for Navayuga Group. Cyril Shroff, L Viswanathan, Ravi Kumar, Paridhi Adani, Subhalakshmi Naskar, Saurabh Sharma, Prashant Bakhru, Devanshi Dalal, Rual Chudukattil, Bhakti Madan, Naimi Kamdar, Anand Deshpande, Kabir Manchanda, Isha Choudhary, Aditi Gupta, Ankoosh Mehta, Maitrayi Jain, Avaantika Kakkar, Anshuman Sakle, Kaustav Kundu, Ruchi Verma, Sree Ramya Hari, Siddhant K, Bharat Vasani, Gauri Rasgotra, Sumit Attri, Vikash Kumar Jha, Nikitha Shenoy, Siddhant Sharma, Simran Aggarwal, Rohan Jhaveri, Manik Makwana, Rasika Bharadkar, Charmi Sanghvi and Mihir Sangani of Cyril Amarchand Mangaldas acted as the legal advisor and Ernst & Young Private Limited acted as an accountant for Adani Ports and Special Economic Zone Limited. SBI Capital Markets Limited acted as financial advisor for Navayuga Group and 3i Group plc.