Adani Ports and Special Economic Zone Ltd (APSEZ) will acquire 10.4 per cent stake in Gangavaram Port Ltd from Andhra Pradesh government for Rs 6.45 billion. The acquisition is in line with the company’s strategy of east coast to west coast parity and will provide access to growth from new internal markets as it has coverage in resource-rich and industrial belts in eastern, central and southern, the statement said. India.
Adani Ports will pay Rs 644.78 crore for 10.4 per cent stake in GPL. In March this year, Adani Ports agreed to acquire a 58.1 per cent stake in Gangavaram Port by DVS Raju family for Rs 3,604 crore (approximately USD 498 million).
Recently, Adani Ports has acquired a slew of assets across the country. It bought the remaining 25 per cent stake in Adani Krishnapatnam Port from Vishwa Samudra Holdings for Rs 2,800 crore. It has also completed the acquisition of Dighi Port under the Insolvency Act for Rs 650 crore.