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The Competition Commission of India (CCI) has approved the acquisition of 89.6 per cent equity shareholding of Gangavaram Port Ltd (GPL) by Adani Ports and Special Economic Zones Ltd (APSEZ).
For buying the 89.6 per cent stake in GPL, APSEZ had cumulatively paid ₹5,558 crore. The Ahmedabad-based infrastructure conglomerate Adani Group had since 2014 purchased five ports.
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 (that is, 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 is engaged to own, develop and operate 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), an official release said.
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