Adani Ports and Special Economic Zone (APSEZ), on Tuesday, announced that the Andhra Pradesh Maritime Board has approved the company’s proposal to acquire 10.4% stake for INR 644.78 crore in Gangavaram Port.
The transaction for the same is expected to be completed within a month.
Gangavaram Port is engaged in the business of handling various types of dry bulk and break bulk cargo. The port is a multi-cargo facility and handled 32.81 MMT of cargo in FY 21. It had a capacity of 64 MMT. The operational revenue for financial year 2020-21 was Rs 1,057 crore.
Earlier in April, the Competition Commission of India (CCI) also gave a go-ahead to the Adani Ports and Special Economic Zone Ltd. on their acquisition of 89.6% stake in Gangavaram Port Ltd.
The acquisition of the port by Adani is in line with its strategy of East Coast to West Coast parity and will provide an access to growth from new hinterland markets as it has coverage in resource rich and industrial belt in Eastern, Central and Southern India.
Adani Ports and Special Economic Zone (APSEZ), a part of the Adani Group, is the largest commercial ports operator in India, accounting for nearly one-fourth of the cargo movement in the country. It has presence across 12 domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.