 "CCI approves Adani Ports and SEZ's 10% stake-buy in Gangavaram Port")
Fair trade regulator CCI on Monday approved acquisition of over 10 per cent stake in Gangavaram Port Ltd by Adani Ports and Special Economic Zone Ltd.
The 10.4 per cent equity shareholding would be acquired from the government of Andhra Pradesh, according to a combination notice filed with the regulator.
Adani Ports and Special Economic Zone is present across 11 domestic ports in six maritime states -- Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
Gangavaram Port is engaged to own, develop and operate the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on build-own-operate-transfer basis with the state government, the notice added.
"Commission approves proposed acquisition of 10.40% equity shareholding of Gangavaram Port by Adani Ports and Special Economic Zones Ltd," as per a tweet by the regulator.