New Delhi: Adani Ports and Special Economic Zone on Tuesday stated 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 per cent.
GPL is positioned in the northern a part of Andhra Pradesh subsequent to Vizag Port.
Adani Ports and Special Economic 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 per cent stake held by DVS Raju and household in Gangavaram Port Limited (GPL),? the corporate stated in an announcement.
The acquisition is valued at Rs 3,604 crore.
APSEZ had introduced acquisition of Warburg Pincus’ 31.5 per cent stake in GPL on March 3, 2021, and along with this acquisition, APSEZ would have 89.6 per cent stake in GPL.
?Ports play a significant position in shaping the longer term. Through APSEZ’s 89.6 per cent stake in Gangavaram port, the Adani Group will vastly increase its pan-India cargo presence. As India’s largest personal sector port developer and operator, we are going to speed up India’s and AP’s industrialisation,? Adani Group Chairman Gautam Adani stated in a tweet.
It is the second largest non-major port in Andhra Pradesh with a 64 MT capability established beneath concession from Government of Andhra Pradesh (GoAP) that extends until 2059.
It is an all-weather, deep water, multipurpose port able to dealing with totally laden tremendous cape dimension vessels of up to 2,00,000 DWT, the assertion stated.
Currently, 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 stated including it’ll profit from APSEZ’s pan-India footprint.
Karan Adani, CEO and Whole Time Director of APSEZ stated, ?The acquisition of GPL is an additional augmentation of our imaginative and prescient of capitalizing on an expanded logistics community impact that generates larger worth because it expands.?
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He added that ?the related hinterland we are going to now have the opportunity to faucet into is likely one of the quickest rising in the jap area and with the logistic synergies APSEZ brings to the desk, GPL has a possible to develop into a 250 MT port. This will undoubtedly assist speed up the industrialisation of AP.Â
