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

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As of 10;00 am, the sharesof Adani Ports had been buying and selling larger by 2 per cent on BSE

Adani Ports and Special Economic Zone (APSEZ) mentioned on Wednesday that it’s buying the 31.5 per cent stake of Windy Lakeside Investment within the Gangavaram Port (GPL) for Rs 1,954 crore. The acquisition is topic to regulatory approvals, Adani Ports mentioned in a regulatory submitting to the inventory exchanges.

Mr. Karan Adani, CEO and Whole Time Director of APSEZ mentioned, “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 world non-public fairness agency Warburg Pincus. APSEZ is buying the stake of 163 million shares (31.5 per cent) at Rs 120 per share, understanding to a consideration of Rs 1,954 crore. The stake buy will ert xpand APSEZ’s market share to 30 per cent throughout 12 places all through the nation.

GPL is situated close to the Visakhapatnam Port and has a capability of 64 million tonnes (MT). It is an all-weather, deep-water, multi-purpose port able to dealing with totally laden tremendous cape measurement vessels of as much as 200,000 deadweight tonne (DWT).

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

As of 10;00 am, the shares of Adani Ports had been buying and selling at Rs 744.55, larger by 2 per cent, on the BSE. The BSE Sensex was buying and selling decrease by 717 factors or 1.3 per cent on the time.

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