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AP government likely to offload 10% stake in Gangavaram Port Limited
Updated May 4, 2021, 12:00 am IST
Adani already holds 90% in Gangavaram port, keen on govt equity
The infra major’s proposal to merge the Gangavaram Port Limited (GPL) into its Adani Ports and Special Economic Zone (APSEZ) may not be approved by the government. (Photo: PTI)
Hyderabad: The Andhra Pradesh government has in principle decided to divest its 10 per cent equity in Gangavaram port even as its approval of Adani’s acquisition of the remaining stake ran into rough weather.
Adani group has recently acquired about 90 per cent stake in the port and offered to buy the remaining also, which is owned by the government. However, the infra major’s proposal to merge the Gangavaram Port Limited (GPL) into its Adani Ports and Special Economic Zone (APSEZ) may not be approved by the government.
14 April 2021
The Competition Commission of India (CCI) has approved the acquisition of 89.6 per cent of equity shareholding of Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ).
APSEZ is an integrated port infrastructure services provider currently present across 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. APSEZ manages the complete logistics chain (ie, from vessels management to anchorage, pilotage, tug pulling, berthing, goods handling internal transport, storage and handling, processing and final evacuation by road or rail).
GPL owns, develops and operates the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on `build-own-operate-transfer’ basis with government of Andhra Pradesh for a concession period of 30 years from the date of commercial operations and entitled for a further period of 20 years (two periods of 10 years each).
14 April 2021 (Last Updated April 14th, 2021 12:45)
India’s Adani Ports and Special Economic Zones (APSEZ) has secured key regulatory approval to acquire 89.6% stake in the Gangavaram Port.
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India’s Adani Ports and Special Economic Zones (APSEZ) has secured key regulatory approval to acquire 89.6% stake in the Gangavaram Port.
The Competition Commission of India (CCI) approved the deal under Section 31(1) of the Competition Act, 2002.
The transaction involves APSEZ acquiring 89.6% shareholding in Gangavaram Port Limited (GPL), the entity which operates the port.
Gangavaram Port is located in Visakhapatnam, in the state of Andhra Pradesh.
The construction works for the port began in 2005 and it started trial operations in August 2008. It is developed as an all-weather, multipurpose port with a water depth of up to 21m.