Business

Adani buys A.P. port stake for ₹1,954 crore

Adani Group has acquired 31.5% stake held by a Warburg Pincus affiliate in Gangavaram Port Ltd. (GPL) for ₹1,954 crore.

GPL is located in the northern part of Andhra Pradesh next to Vizag Port and is the second largest non- major port in Andhra Pradesh with a 64 MMT capacity established under concession from Government of Andhra Pradesh 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 has free hold land of about 1,800 acres. With a master plan capacity for 250 MMTPA with 31 berths, GPL has sufficient headroom to support future growth.

APSEZ, an arm of the Group, is also holding discussions with D.V.S. Raju and family for their 58.1% stake in GPL.

“The location of GPL in the north of Andhra Pradesh is a strategic complement to our recent acquisition of the Port of Krishnapatnam that serves the south of Andhra Pradesh,” said Karan Adani, CEO, Adani Ports and SEZ Ltd. (APSEZ).

The latest acquisition expands APSEZ’s growing market share to 30% across 12 locations in the country. Earlier, the group announced acquisition of Dighi Port in Maharashtra through NCLT.

GPL handles a diverse mix of dry and bulk commodities including coal, iron ore, fertilizer, limestone, bauxite, sugar, alumina, and steel. GPL is the gateway port for a hinterland spread over 8 States across eastern, western, southern and central India.

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Printable version | Apr 20, 2021 3:42:45 AM | https://www.thehindu.com/business/adani-buys-ap-port-stake-for-1954-crore/article33982691.ece

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