Adani Ports will get Andhra Pradesh govt approval for 10.4% stake acquisition in Gangavaram Port

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Adani Ports on Tuesday introduced the approval of proposal of acquisition of 10.4% stake of Gangavaram Port (GPL) by the corporate from Authorities of Andhra Pradesh. The consideration for proposed acquisition of 10.4% fairness stake of GPL is 644.78 crore and the transaction is predicted to be accomplished inside 1 month.

“The corporate has acquired letter/order from Andhra Pradesh Maritime Board dated twenty third August, 2021 acquired on twenty fourth August, 2021 intimating the approval of proposal of acquisition of 10.4% stake of GPL by the corporate from Authorities of Andhra Pradesh,” Adani Ports stated in an change submitting late Tuesday.

The acquisition is in keeping with the corporate’s technique of East Coast to West Coast parity and can present an entry to progress from new hinterland markets because it has protection in useful resource wealthy and industrial belt in Japanese, Central & Southern India, it stated. 

The acquisition is topic to approvals below relevant legal guidelines, together with approval of the Competitors Fee of India (CCI). The consideration is 644.78 crore topic to closing adjustment, if any.

Gangavaram Port, included in September 2001, is engaged within the enterprise of dealing with numerous varieties of dry bulk and break bulk cargo. It’s a multi-cargo facility and dealt with 32.81 MMT of cargo in FY21. It has a capability of 64 MMT. The operational income for the monetary 12 months 2020-21 was 1,057 crore.

Shares of Adani Ports surged greater than 2% larger to 713 per share on the BSE in Wednesday’s opening offers. Adani Ports and Particular Financial Zone (SEZ) Ltd, a part of Gautam Adani-led conglomerate Adani Group, is a number one built-in ports and logistics firm in India.

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