Adani Ports and Special Economic Zone (APSEZ) on Tuesday announced that the company has received approval from the Andhra Pradesh Maritime Board for acquiring 10.4% stake in Gangavaram Port.
APSEZ announced that its proposal to acquire 10.4% stake for Rs 644.78 crore of Gangavaram Port from the Andhra Pradesh government has received approval from the Andhra Pradesh Maritime Board. The transaction is expected to complete within a month.
Gangavaram Port is engaged in the business of handling various types of dry bulk and break bulk cargo. Gangavaram Port is a multi-cargo facility and handled 32.81 MMT of cargo in FY 21. It had a capacity of 64 MMT. The operational revenue for financial year 2020-21 was Rs 1,057 crore.
Adani Ports said 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.
Shares of Adani Ports were trading 0.29% higher at Rs 696.90 on BSE.
Adani Ports and Special Economic Zone (APSEZ), a part of globally diversified Adani Group, has evolved from a port company to ports and logistics platform for India.
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