Adani Ports and Special Economic Zone said on Tuesday that DVR will acquire a controlling stake in Gangavaram Port Limited (GPL) from Raju and his family for Rs 3,604 crore. Following the deal, Adani Port’s total stake in GPL will increase to 89.6 percent.
The GPL is located in the northern part of Andhra Pradesh, next to the Visakhapatnam port. “Adani Ports and Special Economic Zone (APSEZ), a major subsidiary of Adani Group, is acquiring 58.1 per cent stake in DVS Raju and his family, Gangavaram Port Limited.” The value of the acquisition was Rs 3,604 crore. …
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On March 3, 2021, APSEZ announced that it would acquire Warburg Pincus’s 31.5 percent stake in GPL, and its shareholding in JPL will increase to 89.6 percent following the recent acquisition. Adani Group Chairman Gautam Adani said, “Ports play a key role in shaping the future. Adani Group will expand its cargo capacity across India by acquiring an 89.6 percent stake in APSJet in Gangavaram port.
Ports play an important role in shaping the future. Adani Group will further expand its pan-India cargo presence through its 89.6% stake in APSEZ in Gangavaram port. As India’s largest private sector port developer and operator, we are accelerating the industrialization of India and AP. pic.twitter.com/bbTrYz6RFc
– Gautam Adani (ut Gautam_Dani) March 23, 2021
