Adani Ports and Special Economic Zone (APSEZ) had announced the acquisition of Warburg Pincus’ 31.5percent stake in Gangavaram Port Ltd (GPL) on March 3, 2021, and together with this acquisition, APSEZ would have 89.6percent stake in GPL.
“Ports play a major role in shaping the future. Through APSEZ’s 89.6percent stake in Gangavaram port, the Adani Group will greatly expand its pan-India cargo presence. As India’s largest private sector port developer and operator, we will accelerate India’s and AP’s industrialization,” Adani Group chairman Gautam Adani said in a tweet.
It is the second-largest non-major port in Andhra Pradesh with a 64 metric tonn capacity established under a concession from the Government of Andhra Pradesh that extends till 2059. It is an all-weather, deep water, multipurpose port capable of handling fully laden super cape size vessels of up to 2,00,000 DWT, the statement said.
Currently, GPL operates 9 berths and has free-hold land of 1,800 acres. With a master plan capacity for 250 MTPA with 31 berths, GPL has sufficient headroom to support future growth.
GPL is the gateway port for a hinterland spread over 8 states across eastern, southern and central India, the statement said adding it will benefit from APSEZ’s pan-India footprint.
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