Adani Ports plans to gain full control of Gangavaram port ‘soon’

Adani Ports plans to gain full control of Gangavaram port ‘soon’

India’s largest private port operator Adani Ports and Special Economic Zones (APSEZ) Ltd has announced that it is acquiring the 31.5 percent in Gangavaram Port Ltd (GPL), near Visakhapatnam, currently held by private equity investor Warburg Pincus. 

The acquisition is valued at ₹1,954 crore and subject to regulatory approvals. Adani intends to follow this up by buying the remaining shares in the port from the promoter family “soon” it said.

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 million tonne per annum (mtpa) capacity, and was established under concession from the government of Andhra Pradesh, which extends till 2059. 

It is an all-weather, deep water, multi-purpose port capable of handling fully laden super cape size vessels of up to 200,000 deadweight tonnage. Currently, GPL operates nine berths and has freehold land of about 1,800 acres. With a master plan capacity for 250 mtpa with 31 berths, GPL has sufficient headroom to support future growth.

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8th March 2021