The Competition Commission of India on Monday approved the proposed acquisition of Andhra Pradesh government’s 10.4 per cent stake in Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ), thus, clearing the way for GPL to become a wholly owned subsidiary of APSEZ.
The competition regulator has previously approved APSEZ’s acquisition of 89.6 per cent stake in Gangavaram Port from the DVR family 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 said in a tweet on Monday.
Andhra Pradesh had greenlit the proposed acquisition on Friday through a notification.
The Gangavaram port has 64 million metric tonnes (mmt) capacity and handles a diverse mix of dry and bulk commodities including coal, iron ore, fertiliser, limestone, bauxite, sugar, and Steel. The port had a cargo volume of 34.5 mmt and revenue of Rs.1,082 crore in FY20.
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