Gangavaram Port is situated within the northern a part of Andhra Pradesh subsequent to Vizag Port.
Shares of Adani Ports and Special Economic Zone rose as a lot as 4.67 per cent to hit an intraday excessive of Rs 755.35 after the corporate knowledgeable exchanges that it has acquired controlling stake in Gangavaram Port (GPL) from DVS Raju Family. Adani Ports and SEZ acquired extra 58.1 per cent stake in Gangavaram Port from DVS Raju Family for Rs 3,604 crore taking its stake in Gangavaram Port to 89.6 per cent. (Track Adani Ports inventory worth right here)
Adani Ports had earlier this month acquired Warburg Pincus’ 31.5 per cent stake in Gangavaram Port.
Gangavaram Port is situated within the northern a part of Andhra Pradesh subsequent to Vizag Port. It is the second largest non-major port in Andhra Pradesh with a 64 million metric tonne capability established beneath concession from Government of Andhra Pradesh that extends until 2059. It is an all-weather, deep water, multipurpose port able to dealing with totally laden tremendous cape measurement vessels of as much as 200,000 DWT. Currently, GPL operates 9 berths and has free maintain land of 1,800 acres. With a grasp plan capability for 250 million metric tonne each year with 31 berths, GPL has adequate headroom to assist future development, Adani Ports stated in a press launch.
Gangavaram Port handles a various mixture of dry and bulk commodities together with Coal, Iron Ore, Fertilizer, Limestone, Bauxite, Sugar, Alumina, and Steel. GPL is the gateway port for a hinterland unfold over 8 states throughout jap, southern and central India.
“The acquisition of GPL is a further augmentation of our vision of capitalizing on an expanded logistics network effect that generates greater value as it expands. Every additional node that we are able to add to our network allows us to deliver a greater level of integrated and enhanced solutions to our customers. In this context, GPL is a tremendous addition to our portfolio,” Karan Adani, CEO and entire time director of Adani Ports and SEZ, stated in an announcement.
As of 11:53 am, Adani Ports and SEZ traded 1.78 per cent increased at Rs 734, outperforming the Sensex which was buying and selling on a flat notice.
