The Competition Commission of India (CCI) on Tuesday approved the acquisition of an 89.6 per cent stake in Gangavaram Port Ltd by Adani Ports and Special Economic Zones Ltd. Adani Ports and Special Economic Zone (APSEZ) in March had announced it would acquire a controlling interest in Gangavaram Port Ltd (GPL) from DVS Raju and family for Rs 3,604 crore, taking its stake in GPL to 89.6 per cent.
APSEZ had announced the acquisition of a 58.1 per cent stake held by DVS Raju and family and a 31.5 per cent stake of Warburg Pincus. Together, APSEZ would have an 89.6 per cent stake in GPL. GPL is located in the northern part of Andhra Pradesh next to Vizag Port. “Commission approves acquisition of 89.6% of equity shareholding of Gangavaram Port Limited by Adani Ports and Special Economic Zones Limited,” the regulator said in a tweet.