Ahmedabad (Gujarat): The Adani Ports and Special Economic Zone (APSEZ) Ltd., India’s largest private ports and logistics company and flagship transportation arm of the diversified Adani group, is acquiring the 58.1 per cent stake held by DVS Raju and family in Gangavaram Port Limited (GPL). The acquisition is valued at Rs 3,604 crore and subject to regulatory approvals.
APSEZ had announced the acquisition of Warburg Pincus’s 31.5 per cent stake in GPL on March 3, 2021 and together with this acquisition, APSEZ would have an 89.6 per cent stake in GPL.
“Ports play a major role in shaping the future. Through APSEZ’s 89.6 per cent 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,” tweeted Gautam Adani, chairman and founder of the Adani Group.
Karan Adani, CEO and Whole Time Director of APSEZ said, “The acquisition of GPL is a further augmentation of our vision of capitalizing on an expanded logistics network effect that generates greater value as it expands. Every additional node that we are able to add to our network allows us to deliver a greater level of integrated and enhanced solutions to our customers.”