Adani Ports and Special Economic Zone Ltd (APSEZ) will acquire a 10.4 percent stake in Gangavaram Port Ltd from the government of Andhra Pradesh for 6.45 billion rupees. The statement said that the acquisition is in line with the company’s strategy of the east coast to west coast parity and will provide an access to growth from new hinterland markets as it has a coverage in resource-rich and industrial belt in eastern, central and southern India.
Adani Ports will pay Rs 644.78 crore for the 10.4 percent stake in GPL. In March this year, Adani Ports agreed to acquire a 58.1percent stake held in Gangavaram Port by the DVS Raju family for Rs 3,604 crore (around USD 498 million).
Recently, Adani Ports has acquired a bunch of assets across the country. It bought remaining 25percent stake in Adani Krishnapatnam Port from Vishwa Samudra Holdings for Rs 2,800 crore. It has also completed the acquisition of Dighi Port for a consideration of Rs 650 crore under bankruptcy law.
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