The Competition Commission of India on Monday accredited the proposed acquisition of Andhra Pradesh authorities’s 10.4 per cent stake in Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ), thus, clearing the best way for GPL to turn into an entirely owned subsidiary of APSEZ.
The competitors regulator has beforehand accredited APSEZ’s acquisition of 89.6 per cent stake in Gangavaram Port from the DVR household and Windy Lakeside Investment Limited.
“Commission approves proposed acquisition of 10.40% equity shareholding of Gangavaram Port by Adani Ports and Special Economic Zones Ltd,” the regulator stated in a tweet on Monday.
Andhra Pradesh had greenlit the proposed acquisition on Friday by means of a notification.
The Gangavaram port has 64 million metric tonnes (mmt) capability and handles a various mixture of dry and bulk commodities together with coal, iron ore, fertiliser, limestone, bauxite, sugar, and Steel. The port had a cargo quantity of 34.5 mmt and income of Rs.1,082 crore in FY20.
