Andhra govt nods Adani Ports' bid to buy stake in Gangavaram Port

26 Aug 2021 CW Team

Adani Ports has received approval from the Andhra Pradesh government for its proposal to acquire 10.4% stake of Gangavaram Port (GPL).

The consideration for the proposed purchase of a 10.4% equity share of GPL is Rs 644.78 crore, and the transaction is likely to be done in a month.

Adani Ports, in an exchange filing late Tuesday, said that the firm got a letter/order dated 23rd August 2021 from Andhra Pradesh Maritime Board, received on 24th August 2021, inferring the sanction of the proposal of purchase of 10.4% share of GPL by the firm from Andhra Pradesh Government.

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 since it has coverage in resource-rich and industrial belts in Central, Southern and Eastern India.

The procurement is subject to permissions under applicable laws, comprising Competition Commission of India (CCI) approval. The value is Rs 644.78 crore, subject to closing adjustment if any.

Gangavaram Port, incorporated in September 2001, is involved in the business of managing different types of dry bulk and break bulk cargo. It is a multi-cargo facility and handled 32.81 mmt of cargo in FY21. It has a capacity of 64 mmt. The operational earnings for the financial year 2020-21 were Rs 1,057 crore.

Shares of Adani Ports increased more than 2% higher to Rs 713 per share on the BSE in Wednesday's opening deals. Adani Ports and Special Economic Zone (SEZ) Limited, part of Gautam Adani-led conglomerate Adani Group, is a leading integrated port and logistics firm in India.

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Also read: Adani's Gangavaram Port acquisition faces bottlenecks

Also read: Unions protest Gangavaram port sale to Adani Port and SEZ

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