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Adani Ports To Acquire 31.5% Stake In Gangavaram Port; Stock Gains 2%

As of 10;00 am, the sharesof Adani Ports were trading higher by 2 per cent on BSE

Adani Ports and Special Economic Zone (APSEZ) said on Wednesday that it is acquiring the 31.5 per cent stake of Windy Lakeside Investment in the Gangavaram Port (GPL) for Rs 1,954 crore. The acquisition is subject to regulatory approvals, Adani Ports said in a regulatory filing to the stock exchanges.

Mr. Karan Adani, CEO and Whole Time Director of APSEZ said, “The acquisition of GPL is a part of our continued strategy to build out a port and logistics network that is unmatched in its ability to serve customers across the nation.”

Windy Lakeside Investment is an affiliate of global private equity firm Warburg Pincus. APSEZ is acquiring the stake of 163 million shares (31.5 per cent) at Rs 120 per share, working out to a consideration of Rs 1,954 crore. The stake purchase will ert xpand APSEZ’s market share to 30 per cent across 12 locations throughout the country.

GPL is located near the Visakhapatnam Port and has a capacity of 64 million tonnes (MT). It is an all-weather, deep-water, multi-purpose port capable of handling fully laden super cape size vessels of up to 200,000 deadweight tonne (DWT).

Meanwhile, last month, Adani Ports had completed the acquisition of Dighi Port for Rs 705 crore.

As of 10;00 am, the shares of Adani Ports were trading at Rs 744.55, higher by 2 per cent, on the BSE. The BSE Sensex was trading lower by 717 points or 1.3 per cent at the time.

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