The Competition Commission of India (CCI) on Monday cleared the acquisition of a 10.4% stake in Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ). APSEZ is buying the stake from the government of Andhra Pradesh, said an official statement from CCI.

The deal is worth Rs 644.78 crore, Mint had reported on 25 August. APSEZ is an integrated port infrastructure services provider present across 11 domestic ports in Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

GPL own, develop and operate the deep-water port at Gangavaram in Andhra Pradesh. This is based on a concession agreement on the build-own-operate-transfer basis with the Andhra Pradesh government for thirty years. The concession agreement can be extended by 20 years.

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The acquisition will provide (APSEZ) access to growth from new hinterland markets. CCI did not specify any modifications to the transaction.

Stock Covered in the news

Adani Ports and Special Economic Zones Limited-View Detailed Analysis