Adani Ports and Special Economic Zone Ltd (APSEZ) has acquired Gangavaram Port (GPL) in India, followed by the purchase of a 10.4% stake in the Government of Andhra Pradesh’s (GoAP) amounting to approximately US$87.4 million.
GPL which was established under the concession from the Government of Andhra Pradesh (GoAP), has an operational capacity of 64 million metric tonnes (MMT) and during the fiscal year 2021 (FY21), it recorded a cargo volume of 32.8 MMT, revenue of US$1.43 billion and Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of US$84.7 million.
The Gangavaram Port, established under concession from Government of Andhra Pradesh (GoAP) that extends till 2059, is located in Andhra Pradesh industrial zone and constitutes the gateway port for a hinterland spread over eight states across Eastern, Western, Southern and Central India.
Therefore, its acquisition by APSEZ signifies its broadened access to several new markets, according to a statement.
Karan Adani, CEO of APSEZ, said, “Gangavaram is a major part of this mesh in one of India’s fastest-growing states and a core to our east coast expansion strategy with an advantageous location which allows us an unprecedented access to the largely untapped hinterland market.”
