InvestorQ : What is the latest on the acquisition of the Gangavaram port by Adani Ports SEZ?
Anjana Aiyar made post

What is the latest on the acquisition of the Gangavaram port by Adani Ports SEZ?

Answer
image
Khushi Patel answered.
3 months ago
Follow

The Competition Commission of India or the CCI approved the purchase of 89.6% stake in Gangavaram Ports in the state of Andhra Pradesh by Adani Ports SEZ, part of the Gautam Adani group. Adani SEZ runs the largest private port operations in India and its Mundra port now has bigger container volumes than the state owned JNPT. The total purchase was made for a consideration of Rs.3,604 crore from the DVS Raju Family and Warburg Pincus.

Adani will acquire 58.1% from the DVS Raju family and another 31.5% from Warburg Pincus. The Gangavaram Port is located just adjacent to the Vizag port in the Norther part of the state of Andhra Pradesh. On Tuesday, the stock slipped by 6% after it was removed from the Sustainability Index. Adani Ports SEZ, like the other Adani group companies listed in the stock exchanges, also saw a multi-fold rally during the fiscal year 2021.

0 Views