Adani Ports and Special Economic Zone Ltd, India’s largest ports and logistics company, on Monday, said it has received approvals from the National Company Law Tribunal (NCLT) for acquiring the remaining 58.1 per cent stake in Gangavaram Port Limited.
According to a regulatory filing to the stock exchanges, Adani Ports and Special Economic Zone Ltd has received approvals from NCLT Ahmedabad and NCLT Hyderabad for acquiring the remaining 58.1 per cent stake in Gangavaram Port Limited (GPL) through the composite scheme of arrangement. With this stake purchase, GPL will become a 100 per cent subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ).
“Acquisition of GPL is a key milestone in consolidating our position as India’s largest transport utility and in achieving East Coast & West Coast parity. Gangavaram Port has excellent rail & road network connectivity and is the business gateway to the hinterland spread over eight states. The recent addition of a container handling terminal will enable us to accelerate our growth of cargo Aani, CEO and Whole-time Director, APSEZ, said in a statement.
APSEZ also brings world-class logistics synergies to the table, which will propel Gangavaram Port to a potential cargo volume of 250 MMT. This will boost the pace of industrialization of Andhra Pradesh, Karan Adani said.
Gangavaram Port is located in the northern part of Andhra Pradesh next to Vizag Port. It is the third largest non-major port in Andhra Pradesh with a 64 MMT capacity established under concession from the Government of Andhra Pradesh (GoAP) 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 200,000 DWT.
Currently, the port operates 9 berths and has freehold land of 1,800 acres. With a master plan capacity for 250 MMTPA with 31 berths, GPL has sufficient headroom to support future growth.
The port handles a diverse mix of dry and bulk commodities including Coal, Iron Ore, Fertilizer, Limestone, Bauxite, Sugar, Alumina, and Steel.
