Adani Ports gets AP govt approval for stake acquisition in Gangavaram Port

Adani Ports gets AP govt approval for stake acquisition in Gangavaram Port

Adani Ports and Special Economic Zone share price rose on August 25 after company received Andhra Pradesh government approval for stake acquisition in Gangavaram Port.
The private sector port operator has received letter/order from Andhra Pradesh Maritime Board, intimating the approval of proposal of acquisition of 10.4% stake of Gangavaram Port by the company from Government of Andhra Pradesh.
The consideration of the deal is Rs 644.78 crore, and the transaction is expected to be completed within a month.
Gangavaram Port is engaged in the business of handling various types of dry bulk and break bulk cargo.
Gangavaram Port is a multi-cargo facility and handled 32.81 MMT of cargo in FY21. It has a capacity of 64 MMT. The operational revenue for financial year 2020-21 was Rs 1,057 crore.

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