Adani to acquire 58% stake in Gangavaram port

24 Mar 2021 Editorial Team

Adani Ports and Special Economic Zone (APSEZ) is set to acquire a 58% stake in Vishakapatnam's Gangavaram Port Ltd (GPL) for Rs 3,604 crore.

Adani Ports had announced on March 3 the acquisition of Warburg Pincus's 31.5% stake in GPL, and together with this acquisition, APSEZ would have an 89.6% stake in GPL.

The company informed the media that it had signed an agreement on 23 March 2021, with the DVS Raju and Family to acquire a 58.1% stake in GPL.

The acquisition is in line with the company's strategy of East Coast to West Coast parity and will provide access to growth from new hinterland markets as it has coverage in resource-rich and industrial belt in eastern, central and southern India, Adani Ports added.

Adani Ports added further that the acquisition is expected to be completed within six months.

GPL is located near Visakhapatnam port, and is the second-largest, non-major port in Andhra Pradesh, with a 64 million metric tonne (mmt) capacity established under a concession from the Government of Andhra Pradesh (GoAP) that extends till 2059.

It is an all-weather, deep water, multipurpose port capable of handling fully laden super cape size vessels of up to 200,000 DWT. Currently, GPL operates nine berths and has freehold land of 1,800 acres. The port, floated by Chairman and Managing Director DVS Raju, is engaged in the business of handling various types of dry bulk and break bulk cargo.

Image Source

Also read: Three new ports in Andhra to help boost maritime trade

Also read: Adani Ports market cap crosses Rs 1 trillion mark

Also read: APSEZ acquires 75 per cent stake in KPCL

Products

06 Oct 2025

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India. The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..