The Adani Group has acquired a 31.5% stake in Gangavaram Port Limited (GPL) affiliated to Warburg Pincus for Rs 31 1,954 crore.
The GPL is located in the northern part of Andhra Pradesh next to Vizag Port and is the second largest non-major port in Andhra Pradesh with a 64 MMT capacity established under the Andhra Pradesh government concession which extends to 2059.
It is an all-weather, deep-water, multi-purpose port capable of handling fully laden super cape-sized vessels of up to 200,000 DWT. Currently, GPL operates 9 berths and has approximately 1,800 acres of land. With a master plan capacity for 250 MMTPA with 31 berths, GPL has enough headroom to support future growth.
APSEZ, a branch of the group, is in discussions with DVS Raju and family for their 58.1% stake in GPL.
R20;Adani Ports and SEZ Limited (APZZ) CEO Karan Adani said,R21; GPL’s location in the north of Andhra Pradesh is a strategic complement to our recent acquisition of Krishnapatnam port, which is located south of Andhra Pradesh.
The latest acquisition brings APSEZ’s growing market share to 30% in 12 locations in the country. Earlier, the group announced the acquisition of Dighi Port in Maharashtra through NCLT.
The GPL handles a diverse mix of dry and bulk commodities, including coal, iron ore, fertilizer, limestone, bauxite, sugar, alumina, and steel. GPL is a gateway to an interior area spanning 8 states in Eastern, Western, Southern and Central India.