Gangavaram port: Adani Ports set to buy 58.1% stake from promoters for over ₹3,600 crore
March 15, 2021
Deal helps APSEZ take management control of the port
Adani Ports and Special Economic Zone Ltd (APSEZ) is set to acquire the 58.1 per cent stake held by DVS Raju and family, the promoters of Gangavaram Port Ltd, in a deal worth more than ₹3,600 crore that helps raise its stake to 89.6 per cent in the port located in Visakhapatnam.
Raju and family own about 30 crore shares in Gangavaram Port Ltd and the deal is said to have been struck at ₹120 a share, multiple sources said.
On March 3, APSEZ said it has acquired the 31.5 per cent stake held by Windy Lakeside Investment Limited (an affiliate of private equity firm Warburg Pincus LLC) in Gangavaram Port Limited (GPL) at ₹120 a share for ₹1,954 crore.