Adani Ports Acquires 10.40% stake in Gangavaram Port in Vishakhapatnam 

The Andhra Pradesh government has already approved the proposal of acquisition of 10.4 per cent stake in the port for Rs 644.78 crore.

Adani

The Competition Commission of India (CCI) on Monday said it has approved Adani Ports and Special Economic Zone Ltd’s acquisition of 10.40 per cent stake in Gangavaram Port, Vishakhapatnam, Andhra Pradesh.

“Commission approves proposed acquisition of 10.40 per cent equity shareholding of Gangavaram Port by Adani Ports and Special Economic Zones Ltd,” the fair trade regulator said in a tweet.

In a combination notice filed with the antitrust watchdog, Adani Ports had said it would acquire 10.40 per cent stake in Gangavaram Port Ltd from the Andhra Pradesh government.

The Andhra Pradesh government has already approved the proposal of acquisition of 10.4 per cent stake in the port for Rs 644.78 crore, the Adani Group company had said in an exchange filing last month.

Adani Group Hikes the Charges at the Lucknow Airport by 10 Times

“The acquisition is in line with company’s strategy of East Coast to West Coast parity and will provide an access to growth from new hinterland markets as it has coverage in resource rich and industrial belt in eastern, central and southern India,” the company said.

Gangavaram Port handles various types of dry bulk and break bulk cargo. In FY21, the multi-cargo facility handled 32.81 MMT of cargo. It has a capacity of 64 MMT.

Adani Ports is a multi-port operator that provides integrated port infrastructure services. It is currently present across 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

Adani ports is in news lately since nearly three tonnes of heroin worth over Rs 20,000 crore ($2.72 billion) originating from Afghanistan was seized by the Anti smuggling authorities from Mundra airport, Gujarat’s Kutch district. Mundra airport is operated by Adani Ports and Special Economic Zone Limited (APSEZ). APSEZ represents a large network of ports with India’s largest SEZ at Mundra.

The Directorate of Revenue Intelligence (DRI), India’s top anti-smuggling agency, seized two containers at western Gujarat’s Mundra Port on September 15 after receiving intelligence they contained narcotics.

Adani Group has issued a clarification on the Heroin seizure. The company said that it is only the port operator and does not have the authority to check shipments arriving the port.

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