Adani Ports may renegotiate deal Company will wait to is what it is. And, if there are sig- pushed out because there are 51 nificant changes in the market, conditions precedent (CP) the see impact of lockdown of course one can look at it, but sellers have to complete before taking a call till the time we don’t decide between state approvals to that we cannot be talking about lender approvals to various PMANOJ it,” Maheshwari added. other approvals which are Mumbai, May 7 On January 3, APSEZ said it pending,” said Karan Adani, Adani Ports and Special Eco- has agreed to buy a 75 per cent Chief Executive Officer, APSEZ. nomic Zone (APSEZ) hinted stake in Krishnapatnam Port They have only completed that it may look at re-negotiat- Company Ltd, the entity that eight of the CPs as of now and ing the price for acquiring a 75 runs a private deep-water port we do expect that with this lock- per cent stake in Krishnapat- at Krishnapatnam in Andhra down, lot of these approvals nam Port Company Limited as Pradesh’s district, for will take time to come, he said. economic conditions under- an enterprise value of ₹13,500 “From the buyers’ side, the went a drastic change after the On January 3, APSEZ said it has agreed to buy a 75 per cent stake in crore. major one for us is the CCI ap- deal was announced on Janu- Krishnapatnam Port Company Ltd, the entity that runs a private The equity portion of the proval. We have already fin- ary 3. deep-water port in ’s , for an Krishnapatnam deal (exclud- ished two rounds of The Krishnapatnam port ac- enterprise value of ₹13,500 crore ing the ₹7,500-crore debt held discussions and queries with quisition is transformational by the port operating com- CCI and we do expect the CCI for APSEZ as it helps it achieve day. “Clearly, there has been a We have to wait for a bit to see pany) is valued at about ₹6,000 approval to come in a month or the stated objectives around significant change at least in as to how this takes shape and crore, of which APSEZ paid two. But, till the time the sellers’ parity of cargo both on the east the medium and in the very whether we renegotiate the ac- about ₹4,500 crore, according CPs are not completed, we will and the west coast and to ser- short term on the economic quisition price or not that’s to to people familiar with the deal. not be in a position to complete vice a much larger economic conditions and the cargo flows be seen in the future. The deal was to be closed in the transaction,” Karan said hinterland, Deepak Mahesh- across all ports and across busi- At this point, there is a share 120 days or by May 2, but has adding that the deal is now wari, Chief financial officer said nesses in because of the purchase agreement (SPA) we been delayed. “Originally we slated to be closed by October- in an analyst call on Wednes- lockdown. have signed with them and that had 120 days, but this has been November this year.