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Business deals

Adani buys one more port as billionaire founder bets on India infrastructure

Krishnapatnam Port in eastern coast has enterprise value of $1.9 billion

Adani Ports has presence across 10 locations in the country, including the flagship Mundra port in the western state of Gujarat.   © Reuters

MUMBAI (NewsRise) -- Adani Group's latest acquisition of a large deep-water Indian port underscores the conglomerate's quest to dominate the infrastructure sector in Asia's third-largest economy.

On Friday, Adani Ports & Special Economic Zone said it would buy a 75% stake in Krishnapatnam Port for an enterprise value of 135.7 billion rupees ($1.9 billion) in an all-cash deal that would expand its pan-India market share to 27% from 22%. The deal is likely to be closed in 120 days.

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