Adani Ports gets Andhra Pradesh govt approval for acquisition of 10.4% stake in Gangavaram Port
Biznextindia : Gautam Adani controlled Adani Port and Special Economic Zone Limited (APSEZL) has got approval from Andhra Pradesh Government for the acquisition of 10.4 percent stake in Gangavaram Port Limited (GPL).
“The Company has received letter/order from Andhra Pradesh Maritime Board dated 23rd August, 2021 received on 24th August, 2021 intimating the approval of proposal of acquisition of 10.4% stake of GPL by the Company from Government of Andhra Pradesh” APSEZL informed the stock market.
The consideration for proposed acquisition of 10.4% equity stake of GPL is ₹644.78 crore and it is expected to be completed within 1 month.
GPL was incorporated on 27th September, 2001 and is engaged in the business of handling various types of Dry bulk and Break bulk cargo. The company had reported revenue of Rs. 1,057 crore in the 2020-21 financial year.
The acquisition is in line with APSEZ’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.