Adani Ports & Special Economic Zone announced that the company has received order from Andhra Pradesh Maritime Board on 24 August 2021 intimating the approval of proposal of acquisition of 10.4% stake of Gangavaram Port (GPL) by the company from Govt. of Andhra Pradesh.
GPL is a multi-cargo facility and handled 32.81 MMT of cargo in FY 21. It has a capacity of 64 MMT. The operational revenue for financial year 2020-21 was Rs. 1,057 crore.
The acquisition is in line with company's strategy of East Coast to West Coast parity and will provide an access to growth from new hinterland markets as it has coverage in resource rich and industrial belt in Eastern, Central & Southern India.
The consideration for proposed acquisition of 10.4% equity stake of GPL is Rs. 644.78 crore.
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