Adani buys controlling stake in Gangavaram Port for Rs3,604 cr

New Delhi, March 23

Adani Ports and Special Economic Zone on Tuesday said it will 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%.

GPL is located in the northern part of Andhra Pradesh next to Vizag Port.

“Adani Ports and Special Economic Zone (APSEZ), India’s largest private ports and logistics firm, is acquiring the 58.1% stake held by DVS Raju and family in Gangavaram Port Limited (GPL),” the company said. The acquisition is valued at Rs 3,604 crore.

APSEZ had announced acquisition of Warburg Pincus’ 31.5% stake in GPL on March 3, 2021, and together with this acquisition, APSEZ would have 89.6% stake in GPL.

“Ports play a major role in shaping the future. Through APSEZ’s 89.6% 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.

It is the second largest non-major port in Andhra Pradesh with a 64 MT capacity established under concession from Government of Andhra Pradesh that extends till 2059.

It is an all-weather, deep water, multipurpose port capable of handling fully laden super cape size vessels of up to 2,00,000 DWT, the statement said.

Currently, GPL operates 9 berths and has free hold land of 1,800 acres. With a master plan capacity for 250 MTPA with 31 berths, GPL has sufficient headroom to support future growth.

GPL is the gateway port for a hinterland spread over 8 states across eastern, southern and central India, the statement said adding it will benefit from APSEZ’s pan-India footprint. — PTI