The Business Bytes
TBB BUREAU
AHMEDABAD, MARCH 23, 2021
India’s largest private ports and logistics company Adani Ports and Special Economic Zone (APSEZ) Ltd. will acquire the 58.1 per cent stake held by DVS Raju and family in Gangavaram Port Limited (GPL) for Rs 3,604 crore.
To recall, APSEZ had announced the acquisition of Warburg Pincus’s 31.5 per cent stake in GPL on March 3, 2021; and with this acquisition, APSEZ will have 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.”
“In this context, GPL is a tremendous addition to our portfolio. The associated hinterland we will now be able to tap into is one of the fastest-growing in the eastern region and with the logistic synergies APSEZ brings to the table, GPL has the potential to become a 250 MMT port. This will undoubtedly help accelerate the industrialization of Andhra Pradesh. The Raju family has built a great port and we will continue to expand the world-class asset that has been initiated by them,” he added.
GPL, the second-largest non-major port in Andhra Pradesh with a 64 MMT capacity, is located in the northern part of Andhra Pradesh next to Vizag Port.
