Adani ports buys majority stake in Gangavaram port
Adani Ports and Special Economic Zone (APSEZ) on Tuesday announced its decision to acquire controlling interest in Gangavaram Port Ltd (GPL) from DVS Raju and family for Rs 3,604 crore taking its stake in GPL to 89.6 per cent.
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New Delhi: Adani Ports and Special Economic Zone (APSEZ) on Tuesday announced its decision to acquire controlling interest in Gangavaram Port Ltd (GPL) from DVS Raju and family for Rs 3,604 crore taking its stake in GPL to 89.6 per cent.
GPL is located in the northern part of Andhra Pradesh next to Vizag Port. "Adani Ports and Special Economic Zone, India's largest private ports and logistics company and the flagship transportation arm of the diversified Adani Group, is acquiring the 58.1 per cent stake held by DVS Raju and family in Gangavaram Port Limited (GPL)," the company said in a statement.
The acquisition is valued at Rs 3,604 crore. APSEZ had announced acquisition of Warburg Pincus' 31.5 per cent stake in GPL on March 3, 2021, and together with this acquisition, APSEZ would have 89.6 per cent stake in GPL. "Ports play a major role in shaping the future. Through APSEZ's 89.6 per cent stake in Gangavaram port, the Adani Group will greatly expand its pan-India cargo presence.
As India's largest private sector port developer and operator, we will accelerate India's and AP's industrialisation," Adani Group Chairman Gautam Adani said in a tweet.
