CCI approves acquisition of Gangavaram Port Limited by Adani Ports and Special Economic Zones
APSEZ is an integrated port infrastructure services provider and has presence across 11 domestic ports in six maritime states.
April 13, 2021 / 07:06 PM IST
The Competition Committee of India (CCI) has approved the acquisition of 89.6 percent of equity shareholding of Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ).
APSEZ is an integrated port infrastructure services provider. It has a presence across 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
This combination relates to the acquisition of 89.6 percent of the shareholding in GPL, the Ministry of Corporate Affairs said in a statement.
As for GPL, it is set to develop, operate and own a deep-water port at Gangavaram, Andhra Pradesh. This is in keeping with an agreement on a Build-Own-Operate-Transfer basis with the Government of Andhra Pradesh for a concession period of thirty years.