Adani Ports and Special Economic Zone (APSEZ) has signed the appropriate transaction documents and simultaneously completed the acquisition of 10.4 per cent stake of Gangavaram Port (GPL) from Government of Andhra Pradesh. Further, the company said it has paid Rs 644.78 crore for the 10.4 per cent stake.
The acquisition is in line with its 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 and Southern India.
Adani Ports and Special Economic Zone (APSEZ), a part of globally diversified Adani Group, is the largest integrated logistics player in India.