Andhra Pradesh Government nods Adani Ports’ bid to buy stake in Gangavaram Port

Adani Ports has received approval from the Andhra Pradesh Government for its proposal to acquire 10.4 per cent stake of Gangavaram Port (GPL). The consideration for the proposed purchase of a 10.4 per cent equity share of GPL is Rs.6,447.8 mn, and the transaction is likely to be done in a month. Adani Ports said that the firm got a letter/order dated August 23, 2021, from Andhra Pradesh Maritime Board, received on August 24, 2021. The purchase is in line with the firm’s plan of East Coast to West Coast parity and will give access to develop from new hinterland markets. 

Contact: Adani Ports.

Website: www.adaniports.com