Adani Ports will acquire 58% stake in Gangavaram Port for ₹3,604 crore, the company announced in a regulatory filing on Tuesday. Adani Ports had announced acquisition of Warburg Pincus’s 31.5% stake in GPL on March 3, 2021 and together with this acquisition, APSEZ would have 89.6% stake in GPL. GPL is located in the northern part of Andhra Pradesh next to Vizag Port. It is the second-largest non-major port in Andhra Pradesh with a 64 MMT capacity established under a concession from the Government of Andhra Pradesh (GoAP) that extends till 2059. Gangavaram Port Limited is engaged in the business of handling various types of Dry bulk and Break bulk cargo.

Source: Mint March 23, 2021 03:28 UTC