CCI nods Adani Ports’ 10.4% stake acquisition in Gangavaram Port

Adani Ports and Special Economic Zone (APSEZ) has received approval from the Competition Commission of India (CCI) to acquire a majority stake in Gangavaram Port Limited. According to a combination notice filed with the regulator, the 10.4% equity shareholding would be acquired from the government of Andhra Pradesh. Adani Ports and Special Economic Zone operates 11 domestic ports in Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha, among other maritime states. According to the notice, the Gangavaram Port has been contracted to own, develop, and operate a deep-water port in Gangavaram, Andhra Pradesh, under a build-own-operate-transfer (BOOT) concession agreement with the state government. CCI is the competition authority in India. It is a government statutory body charged with enforcing the Competition Act, 2002, promoting competition across the country, and preventing activities that have a significant negative impact on competition in India. Image Source Also read: Andhra govt nods Adani Ports' bid to buy stake in Gangavaram Port Also read: Unions protest Gangavaram port sale to Adani Port and SEZ