The Competition Commission of India (CCI) has given its approval for the proposal of acquisition of a 10.4% stake of Gangavaram Port (GPL) by Adani Ports, the regulator said on Monday. 

“Commission approves proposed acquisition of 10.40% equity shareholding of Gangavaram Port by Adani Ports and Special Economic Zones Ltd,” CCI took to Twitter to say.

The company had back in August received approval for the same from the Government of Andhra Pradesh.

The consideration for the proposed acquisition of a 10.4% equity stake of GPL is ₹644.78 crore.

Gangavaram Port, incorporated in September 2001, is engaged in the business of handling various types of dry bulk and break bulk cargo. It is a multi-cargo facility and handled 32.81 MMT of cargo in FY21. It has a capacity of 64 MMT. The operational revenue for the financial year 2020-21 was ₹1,057 crore.

It is the second-largest non-major port in Andhra Pradesh with a 64 MMT capacity established under a concession from the state government that extends till 2059.

Adani Ports and Special Economic Zone (SEZ) Ltd, part of Gautam Adani-led conglomerate Adani Group, is a leading integrated ports and logistics company in India.

APSEZ is present across 11 domestic ports in six maritime states — Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

Source : Live Mint