Adani Ports and Special Economic Zone (APSEZ) has received an approval for proposal of acquisition of 10.4% stake of Gangavaram Port (GPL) from Government of Andhra Pradesh. The acquisition is in line with Company’s strategy of East Coast to West Coast parity and will provide an access to growth from new hinterland markets as it has coverage in resource rich and industrial belt in Eastern, Central & Southern India. The transaction is expected to be completed within 1 month. The consideration for proposed acquisition of 10.4% equity stake of GPL is Rs 644.78 crore.
Adani Ports and Special Economic Zone (APSEZ), a part of globally diversified Adani Group, is the largest integrated logistics player in India.