Adani Krishnapatnam is engaged as a developer and operator of an all-weather, deepwater multi-purpose port at Krishnapatnam, Andhra Pradesh, under build-operate-share-transfer concession from Andhra Pradesh
CCI approves Adani Ports 89.6% stake buy in Gangavaram Port
GPL, located in the northern part of Andhra Pradesh next to Vizag Port, is the second largest non-major port in Andhra Pradesh with a 64 MMT capacity.
BusinessToday.In | April 13, 2021 | Updated 20:24 IST
On March 23, Adani Ports had said it would acquire 58.1 per cent stake held by DVS Raju and family in GPL for Rs 3,604 crore.
The Competition Commission of India (CCI) on Tuesday approved the acquisition of 89.6 per cent stake in Gangavaram Port Ltd (GPL) by Adani Ports and Special Economic Zone Ltd.
On March 23, Adani Ports had said it would acquire 58.1 per cent stake held by DVS Raju and family in GPL for Rs 3,604 crore. Earlier in the month, the company had announced acquisition of 31.5 per cent stake held by Windy Lakeside Investment Limited, an affiliate of Warburg Pincus, in GPL for Rs 1,954 crore. Together, both the transactions would take Adani Ports stake in GPL to 89.6 per cent.
CCI approves Adani Ports 89 6% stake buy in Gangavaram Port origin-businesstoday.intoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from origin-businesstoday.intoday.in Daily Mail and Mail on Sunday newspapers.
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.