NEW DELHI: Adani Ports and Special Economic Zone (APSEZ), a part of Adani Group has received approvals from NCLT Ahmedabad and NCLT Hyderabad for acquiring the remaining 58.1 per cent stake in Gangavaram Port (GPL) through a composite scheme of arrangement. With this stake buy, GPL will become a 100 per cent subsidiary of APSEZ.
Gangavaram Port is the third-largest non-major port capable of handling fully laden super cape size vessels with nine berths and freehold land of 1800 acres. The port is a gateway for a hinterland spread over 8 states across eastern, southern and central India.
Adani Ports and SEZ said in a statement the acquisition of GPL has been priced at nearly Rs 6,200 crore (517mn shares at Rs 120 per share). APSEZ has already acquired a 31.5 per cent stake in the firm from Warburg Pincus and another 10.4 per cent from the Andhra Pradesh government during FY22.
The acquisition of a 58.1 per cent stake from DVS Raju and family will be via a share swap arrangement and will result in the issuance of around 47.7mn APSEZ shares to the erstwhile GPL promoters.