Gangavaram Port to be acquired by Adani Ports

12 Oct 2022 CW Team

The courts in Ahmedabad and Hyderabad have given their approval for Adani Ports and Special Economic Zone (APSEZ), to use a composite scheme of arrangement to acquire the remaining 58.1% stake in Gangavaram Port (GPL).

GPL will turn into a wholly owned subsidiary of APSEZ following this NCLT permission and the subsequent equity acquisition.

GPL's acquisition will cost about Rs 62 billion. During FY22, APSEZ already purchased a 31.5% share in the business from Warburg Pincus and a further 10.4% from the Andhra Pradesh government. Through a share swap agreement, DVS Raju & family's 58.1% stake will be acquired, and the former GPL promoters will get about 47.7 million APSEZ shares as part of the deal.

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