The courts in Ahmedabad and Hyderabad have given their approval for Adani Ports and Special Economic Zone (APSEZ), to use a composite scheme of arrangement to acquire the remaining 58.1 per cent stake in Gangavaram Port (GPL). GPL will turn into a wholly owned subsidiary of APSEZ following this NCLT permission and the subsequent equity acquisition.
The acquisition will cost about Rs.62 billion. During FY22, APSEZ had already purchased a 31.5 per cent share in the business from Warburg Pincus and a further 10.4 per cent from the Andhra Pradesh government.
Contact: Gangavaram Port
Website: www.gangavaram.com
