Gangavaram Port to be acquired by Adani Ports

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. Also read: GIP in talks with Apollo Global to buy Adani bonds Ambuja Cements to raise funds from Adani Group