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14 April 2021 (Last Updated April 14th, 2021 12:45)
India’s Adani Ports and Special Economic Zones (APSEZ) has secured key regulatory approval to acquire 89.6% stake in the Gangavaram Port.
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India’s Adani Ports and Special Economic Zones (APSEZ) has secured key regulatory approval to acquire 89.6% stake in the Gangavaram Port.
The Competition Commission of India (CCI) approved the deal under Section 31(1) of the Competition Act, 2002.
The transaction involves APSEZ acquiring 89.6% shareholding in Gangavaram Port Limited (GPL), the entity which operates the port.
Gangavaram Port is located in Visakhapatnam, in the state of Andhra Pradesh.
The construction works for the port began in 2005 and it started trial operations in August 2008. It is developed as an all-weather, multipurpose port with a water depth of up to 21m.