NEW DELHI: The Competition Commission of India (CCI) on Tuesday approved the acquisition of 89.6 per cent stake in Gangavaram Port Ltd by Adani Ports and Special Economic Zones Ltd.
Adani Ports and Special Economic Zone (APSEZ) in March had announced it would acquire controlling interest in Gangavaram Port Ltd (GPL) from DVS Raju and family for Rs 3,604 crore, taking its stake in GPL to 89.6 per cent.
APSEZ had announced acquisition of 58.1 per cent stake held by DVS Raju and family and 31.5 per cent stake of Warburg Pincus. Together, APSEZ would have 89.6 per cent stake in GPL.
GPL is located in the northern part of Andhra Pradesh next to Vizag Port. "Commission approves acquisition of 89.6% of equity shareholding of Gangavaram Port Limited by Adani Ports and Special Economic Zones Limited," the regulator said in a tweet.