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Adani Ports completes acquisition of Krishnapatnam Port

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Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the acquisition of Krishnapatnam Port Co Ltd (KPCL) that operates a multi-cargo facility port situated in Andhra Pradesh for an enterprise value of ₹12,000 crore. APSEZ will buy a controlling stake of 75 per cent in KPCL from the CVR Group and other investors.

On January 3, APSEZ had signed a deal to buy the port for an enterprise value of ₹13,752 crore.

Through the acquisition, APSEZ hopes to achieve 500 MMT of capacity by 2025 and increase its market share in FY21 to increase from 21 percent to 25 percent.

In a statement, the APSEZ stated that a vast waterfront and land availability of over 6,700 acres, KPCL will be able to replicate Mundra and would be future ready to handle 500 MMT.

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Adani Group considers bidding for Air India: Sources

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With the government pushing for the disinvestment of Air India, industrial conglomerate Adani Group may emerge as one of the bidders for the debt-laden national carrier, sources said.

According to highly placed sources group has held internal rounds of deliberations on whether or not to submit an Expression of Interest (EoI) and that the discussions are still in the preliminary stage.

If the company actually submits an EoI, it would be a major move towards further diversification of the company which has business interests across sectors right from edible oil, food to mining and minerals.

It also entered into airport operations and maintenance business and won bids for privatisation of six airports, Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvanathapuram and Mangaluru in 2019.

On being contacted by IANS, the company did not comment on the matter.

Air India is one of the most important divestment target for the current fiscal to reach the huge Rs 2.1 lakh crore target.

The government in January restarted the divestment process of the airline and invited bids for selling 100 per cent of its equity in the state-owned airline, including Air India’s 100 per cent shareholding in AI Express Ltd. and 50 per cent in Air India SATS Airport Services Private Ltd.

After its unsuccessful bid to sell Air India in 2018, the government this time has decided to offload its entire stake. In 2018, it had offered to sell its 76 per cent stake in the airline.

Of the total debt of Rs 60,074 crore as of March 31, 2019, the buyer would be required to absorb Rs 23,286 crore.

Air India, along with its subsidiary Air India Express, has a total operational fleet of 146 airplanes.

Further, the disinvestment department has extended the last date for submission of written queries on the Performance Information Memorandum and Share Purchase Agreement to March 6.

The last date for submission of written queries on PIM and SPA was originally set for February 11, following which the Department of Investment and Public Asset Management (DIPAM) on February 21 issued 20 clarifications on the queries raised and expected.

Any delay in the tentatively rolled out timeline would also delay the DIPAM’s plan to identify the pre-qualified bidders by March 31 and the financial bids invitation as well. It is expected to take more than 2 months after the selection of the pre-qualified bidders to complete Air India’s sale.

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Rs 1000 cr Coal Scam in Andhra Pradesh

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“A ‘Coalgate” surfaced in Andhra Pradesh in which Andhra Pradesh government has imported huge quantity of coal from unknown countries at the higher rates fixed in 2013 when prices were on higher side. Even though the coal prices have fallen from $ 70 to $ 50 because of lack of demand globally. TDP government continued coal imports at the old rates causing huge loss to exchequer. In the process, about Rs 1000 crore have been pocketed by the Big Boss and Small Boss of Telugu Desam party.”

This is the charge leveled by Andhra Pradesh PCC president N Raghuvira Reddy on Sunday. According to Reddy, the coal was imported through two companies- Adani Group and Maheswari. Adani Groups is most favored company of Prime Minister Narendra Modi, he said.

Revealing the details of Coal Scam to media, Raghuvira Reddy said in 2013, to meet the demand of VTPS, KTPS and Rayalaseema Thermal plant, the then Congress government imported 12 lakh MTs of coal. As per the norms, the government can import 20 per cent more coal over and above the quantity specified in the contract. But, the TDP government continued the same old suppliers and old rates by renewing their contracts five times unmindful of the fall in the prices. Reddy, said the state government procured 20.25 lakh MTs that is 200 per cent more coal than that of specified in the contract. Even though the charges for the transportation of the coal to the sites of power plants was also included in the contract, TDP government had paid transport charges to tune of Rs 100 crore to these companies , he said

Raghuvira Reddy’s charges against the TDP government are:

  1. State government paid $72 per ton when the prevailing price is just $ 50
  2. Instead of inviting fresh bids for the supply of coal in changed global prices, TDP government renewed the old contracts with old rates which were signed when the prices were on higher side.
  3. Contracts were renewed because Adanis are involved in the supply of coal. The groups is owned by a businessman close to Prime Minister Narendra Modi.
  4. The principal beneficiaries of ‘Andhra Coalgate’ are chief minister Chandrababu Naidu and his party.
  5. Tender norms have been modified to suit Adani Group.
  6. This is all happened under the nose of chief minister Naidu, who is also the power minister.

The APCC president said government should place all the records related to the procurement of coal from abroad before a meeting of all parties. He said his party would launch a movement against the brazen corruption of TDP government in the state.

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