Adani completes acquiring of Gangavaram Port

APSEZ completes the acquisition of 10.4 percent with rupees 645 crore stake of Gangavaram Port

 

 

The Adani Ports and Special Economic Zone Limited (APSEZ) has finished the acquisition of 10.4 percent with rupees 645 crore stake of Andhra Pradesh's Government in Gangavaram Port (GPL).

 

The boards of both the organization have also authorized the collaboration, taking into consideration valuation of rupees 120 per share of Gangavaram Port and a fair value of APSEZ at rupees 754.8 per share.

 

This has emerged in a swap ratio of 159 shares in APSEZ for thousand shares in GPL for 58.1 percent stake that was held by Indian film producer DVS Raju as well as the Family in GPL.

 

Prior, in April 2021, APSEZ had procured 31.5 percent from Windy Lakeside Investment Limited, affiliate by Warburg Pincus and had also signed an agreement for controlling stake of 58.1 percent of DVS Raju and Family in GPL.

 

After the integration of GPL and APSEZ, DVS Raju and family will gained about 4.8 crore shares that resulted in 2.2 percent stake in APSEZ that is worth rupees 3,604 crore.

 

The Gangavaram Port is debt free with sturdy growth potential as part of the APSEZ portfolio. A transaction has been completed at an share value of rupees 6,200 crore.

 

The Gangavaram Port is a non-major port of 64 MMT capacity that was set up under concession from Andhra Pradesh's government that extends till the year 2059.

 

The CEO and Whole Time Director of APSEZ, Karan Adani said, "We are committed to accelerating the industrialization of Andhra Pradesh."

 

Adani said that the network of ports that they continue to build allows them to create an joined mesh of logistics capabilities to deliver an unmatched set of services to customers.

 

Karan Adani said Gangavaram Port is a key part of this joined mesh in one of India's fastest growing States.

India Scanner News Network

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