Adani Ports to acquire controlling stake in Gangavaram Port for Rs 3,604 crore
The Gangavaram Port handles a various mixture of dry and bulk commodities together with coal, iron ore, fertiliser, limestone, bauxite, sugar, alumina and metal
New Delhi: Adani Ports and Particular Financial Zone on Tuesday mentioned it’ll acquire controlling curiosity in Gangavaram Port Ltd (GPL) from DVS Raju and household for Rs 3,604 crore taking its stake in GPL to 89.6 p.c.
GPL is positioned in the northern a part of Andhra Pradesh subsequent to Vizag Port.
“Adani Ports and Particular Financial Zone (APSEZ), India’s largest personal ports and logistics firm and the flagship transportation arm of the diversified Adani Group, is buying the 58.1 p.c stake held by DVS Raju and household in Gangavaram Port Restricted (GPL),” the corporate mentioned in a press release.
The acquisition is valued at Rs 3,604 crore.
APSEZ had introduced acquisition of Warburg Pincus’ 31.5 p.c stake in GPL on 3 March, 2021, and along with this acquisition, APSEZ would have 89.6 p.c stake in GPL.
“Ports play a significant function in shaping the longer term. By means of APSEZ’s 89.6 per cent stake in Gangavaram port, the Adani Group will drastically develop its pan-India cargo presence. As India’s largest personal sector port developer and operator, we’ll speed up India’s and AP’s industrialisation,” Adani Group Chairman Gautam Adani mentioned in a tweet.
It’s the second largest non-major port in Andhra Pradesh with a 64 MT capability established beneath concession from Authorities of Andhra Pradesh (GoAP) that extends until 2059.
It’s an all-weather, deep water, multipurpose port able to dealing with absolutely laden tremendous cape dimension vessels of up to 2,00,000 DWT, the assertion mentioned.
Presently, GPL operates 9 berths and has free maintain land of 1,800 acres. With a grasp plan capability for 250 MTPA with 31 berths, GPL has adequate headroom to assist future progress.
GPL handles a various mixture of dry and bulk commodities together with coal, iron ore, fertilizer, limestone, bauxite, sugar, alumina and metal.
GPL is the gateway port for a hinterland unfold over 8 states throughout jap, southern and central India, the assertion mentioned including it’ll profit from APSEZ’s pan-India footprint.
Karan Adani, CEO and Complete Time Director of APSEZ mentioned, “The acquisition of GPL is an extra augmentation of our imaginative and prescient of capitalizing on an expanded logistics community impact that generates better worth because it expands.”
He added that “the related hinterland we’ll now find a way to faucet into is without doubt one of the quickest rising in the jap area and with the logistic synergies APSEZ brings to the desk, GPL has a possible to change into a 250 MT port. It will undoubtedly assist speed up the industrialisation of AP.
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