Summary:
New Delhi, Sep 22 (PTI) Adani Ports and Special Economic Zone (APSEZ) on Wednesday said it has acquired Andhra Pradesh government"s 10.4 per cent stake in Gangavaram Port Limited (GPL) for Rs 644.78 crore.GPL is located in the northern part of Andhra Pradesh next to the Vizag port.
"We would like to inform that the company has signed the appropriate transaction documents and simultaneously completed the acquisition of 10.4 per cent stake of Gangavaram Port Limited from Government of Andhra Pradesh," APSEZ said in a regulatory filing.
Further, the company said it has paid Rs 644.78 crore for the 10.4 per cent stake.
APSEZ said the acquisition is in line with its 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 is the country"s largest private ports and logistics company and the flagship transportation arm of the diversified Adani Group.
Competition Commission of India (CCI) gave its nod for the deal on September 20.