CCI approves 10.4% acquisition of Gangavaram Port by Adani Ports SEZ

The proposed combination envisages the acquisition of 10.4% of the shareholding in GPL (i.e., the entity operating Gangavaram port) by APSEZ from the Government of Andhra Pradesh.

The Competition Commission of India (CCI) approves the proposed acquisition of 10.4% of equity shareholding of Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ).

The proposed combination envisages the acquisition of 10.4% of the shareholding in GPL (i.e., the entity operating Gangavaram port) by APSEZ from the Government of Andhra Pradesh.

APSEZ is an integrated port infrastructure services provider currently present across 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

GPL own, develop and operate the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on a Build-Own-Operate-Transfer basis with the Government of Andhra Pradesh for a concession period of thirty years from the date of commercial operations and entitled to a further period of 20 years (two periods of 10 years each).

(With Inputs from PIB)