Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest ports and logistics company and part of Adani Group, has received approvals from NCLT Ahmedabad and NCLT Hyderabad for acquiring the remaining 58.1% stake in Gangavaram Port Limited (GPL).
With this stake purchase, GPL will become a 100% subsidiary of APSEZ, whose CEO and director, Karan Adani said, “Acquisition of GPL is a key milestone in consolidating our position as India’s largest transport utility and in achieving East Coast & West Coast parity.”
The acquisition of GPL is priced at around US$754 million.
Gangavaram Port is located in the northern part of Andhra Pradesh next to Vizag Port. It is the third largest non-major port in Andhra Pradesh with a 64 MMT capacity established under concession from the Government of Andhra Pradesh (GoAP) that extends till 2059.
It is a deep water, multipurpose port capable of handling fully laden super cape size vessels of up to 200,000 DWT. Currently, the port operates nine berths and has freehold land of around 7.3 million m². In FY2022, the port handled cargo volumes of around 30 million metric tonnes
“With a master plan capacity for 250 MMTPA with 31 berths, GPL has sufficient headroom to support future growth,” pointed out APSEZ.
