Adani's Gangavaram Port acquisition faces bottlenecks

07 May 2021 CW Team

Promoters of Vishakhapatnam's Gangavaram Port are renegotiating the sale of the port to Adani Ports and Special Economic Zone (APSEZ), fearing Adani Port's ties with the Myanmar military.

The DVS Raju family, which owns a 58.1% stake in Gangavaram, wants a cash consideration for half their stake instead of an all-share deal finalised earlier, sources told the media.

On March 23, Adani Ports had announced that it had struck a deal to acquire the Raju family's stake in Gangavaram for Rs 3,604 crore. Earlier that month, APSEZ had purchased a 31.5% stake from Warburg Pincus for Rs 1,954 crore. Both these deals valued Gangavaram at Rs 120 per share. According to sources cited earlier, the deal with the Raju family was a share swap – six shares of Gangavaram were to be exchanged for one share of Adani Ports. The closing price of Adani Ports shares on March 22 was Rs 721.6.

The Raju family is concerned that Adani Ports' valuation will be hit after S&P Dow Jones Indices removed the stock from its sustainability index and some Scandinavian investors sold their holdings, citing ESG (environment, social and corporate governance concerns), the banker said.

On April 13, S&P Dow Jones Indices said it would remove Adani Ports from its sustainability index following reports of its business ties with Myanmar's military that has been accused of human rights violations after a coup.

When a company is removed from an index that is widely followed, it stands to lose value as funds tracking the benchmark will also cut it out. Following the S&P announcement, Adani Ports shares fell around 4% over the next four days but have since recouped losses. At Wednesday's close, APSEZ was trading at Rs 738.10 a share, up nearly 2.3% from the March 22 close.

Image Source

Also read: Adani to acquire 58% stake in Gangavaram port

Infrastructure Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..