Adani Ports to acquire additional 58 1% stake in Gangavaram Port thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
For consideration of Rs 1954 croreAdani Ports & Special Economic Zone is acquiring the 31.5% stake held by Windy Lakeside Investment (an affiliate of Warburg Pincus) in Gangavaram Port (GPL). The acquisition is valued at Rs.1,954 crore and subject to regulatory approvals.
GPL is located in the northern part of Andhra Pradesh next to Vizag Port. It is the
second largest non major port in Andhra Pradesh with a 64 MMT capacity established
under concession from Government of Andhra Pradesh (GoAP) that extends till 2059.
It is an all weather, deep water, multi-purupose port capable of handling fully laden
super cape size vessels of upto 200,000 DWT. Currently, GPL operates 9 berths and
Shares of Adani Ports and Special Economic Zone (APSEZ), on Thursday, rallied 6 per cent to hit a new high of Rs 765.70 on the BSE in intra-day trade after the company said it acquiring 31.5 per cent stake held by Warburg Pincus - in Gangavaram Port (GPL) for a consideration of Rs 1,954 crore.
GPL is located in the northern part of Andhra Pradesh next to Vizag Port. It is the second largest non major port in Andhra Pradesh with a 64 MMT capacity established under concession from Government of Andhra Pradesh (GoAP) that extends till 2059.
In FY20, GPL had a cargo volume of 34.5 MMT, generated revenue of Rs 1,082 crore, EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs 634 crore (margin of 59 per cent) and profit after tax (PAT) of Rs 516 crore. GPL is debt free with cash balance of over Rs 500 crore.
Adani Ports gains on acquiring stake in Gangavaram Port business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.