Adani Ports to acquire 58% stake in Gangavaram Port for INR 3,604 crore
Adani Port signed an agreement with DVS Raju & Family and the Company, to acquire a 58.1% stake in Gangavaram Port (GPL)
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New Delhi: Adani Ports will acquire 58 percent stake in Gangavaram Port for Rs 3,604 crore. "We would like to inform that the Company has signed an Agreement on March 23, 2021, between DVS Raju & Family and the Company, to acquire 58.1% stake of GPL," the company announced in a filing on Tuesday.
"The acquisition is in line with Company’s 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 & Southern India," Adani Ports added.
The acquisition is expected to be completed within 6 months, Adani Ports further added.
Gangavaram Port
Gangavaram Port, located in Visakhapatnam, Andhra Pradesh, is India's deepest port. Inaugurated in July 2009, it has a depth of 21m. It is managed by Gangavaram Port Ltd., a special-purpose company floated by Mr. DVS Raju, who serves as its chairman and managing director.
Adani Ports
Adani Ports and Special Economic Zone Limited is India's largest private multi-port operator. It is a part of the Adani Group, an integrated infrastructure corporation. The company which was earlier known as Mundra Port and Special Economic Zone Limited changed name to its present name on 6 January 2012
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