India-based Adani Ports and Special Economic Zones (APSEZ) has announced plans to acquire a majority stake of 58.1% in Gangavaram Port Limited (GPL), currently owned by DVS Raju and family
Adani Ports to acquire 58.1% stake in India’s Gangavaram Port
With this latest acquisition, APSEZ will now own an 89.6% stake in GPL. Credit: Jason Goh from Pixabay.
The value of the acquisition stands at approximately $493.7m (Rs36.04bn).
The deal is subject to regulatory approvals.
Earlier this month, APSEZ had announced the acquisition of a minority stake of 31.5% in GPL from Windy Lakeside Investment, an affiliate of Warburg Pincus, for $268m (Rs19.54bn).
With this latest acquisition, APSEZ will now own an 89.6% stake in GPL.
Located next to Vizag Port in the Indian state of Andhra Pradesh (AP), GPL has a capacity of 64 million metric tons (Mmt).
The all-season, deep water and multi-purpose port can handle fully laden super Capesize ships of up to 200,000 deadweight tonnes (dwt).
eBlue_economy_APSEZ CEO and whole time director Karan Adani
APSEZ CEO and whole time director Karan Adani said: “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.
