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CCI approves Adani Ports' 10 per cent stake-buy in Gangavaram Port

The 10.4 per cent equity shareholding would be acquired from the government of Andhra Pradesh, according to a combination notice filed with the regulator.

Published: 20th September 2021 07:05 PM  |   Last Updated: 20th September 2021 07:05 PM   |  A+A-

Gangavaram port

Gangavaram port in Visakhapatnam. (File photo | EPS)

By PTI

NEW DELHI: Fair trade regulator CCI on Monday approved acquisition of over 10 per cent stake in Gangavaram Port Ltd by Adani Ports and Special Economic Zone Ltd.

The 10.4 per cent equity shareholding would be acquired from the government of Andhra Pradesh, according to a combination notice filed with the regulator.

Adani Ports and Special Economic Zone is present across 11 domestic ports in six maritime states -- Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

Gangavaram Port is engaged to own, develop and operate the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on build-own-operate-transfer basis with the state government, the notice added.

"Commission approves proposed acquisition of 10.40% equity shareholding of Gangavaram Port by Adani Ports and Special Economic Zones Ltd," as per a tweet by the regulator.



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