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

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..