Construction Infrastructure
Adani Ports gets CCI nod to acquire 89.6% stake in Gangavaram Port
The Competition Commission of India (ICC) on Tuesday approved the acquisition of 89.6 percent shares of Gangavaram Port Limited by Adani Ports and Special Economic Zone Limited.
Adani Ports and Special Economic Zone (APSEZ) announced in March that it would acquire a majority stake in Gangavaram Port Limited (GPL) from DVS Raju and his family for Rs 3,604 crore, taking its stake in GPL to 89 %.
APSEZ had announced the acquisition of a 58.1% stake in DVS Raju and family and a 31.5% stake in Warburg Venus. Together, APSEZ will hold an 89.6 percent stake in GPL.
The GPL is located next to the port of Vizag in the northern part of Andhra Pradesh. “The commission approved the acquisition of 89.6% of the capital stock of Gangavaram Port Ltd. by Adani Ports and Special Economic Zone Limited,” the regulator said in a tweet.
News Source: EconomicTimes
Construction Infrastructure
The Adani Enterprises unit has received a letter of approval for an NH project in Maharashtra
Adani Road Transport Ltd (ARTL), a wholly owned subsidiary of Adani Enterprises, has received LoA for a project involving six laning of Kagal-Satara section of NH-48 (old NH4) in Maharashtra. The project will be executed under the Bharatmala Pariyojana at ₹2,008.47 crores. The construction period for the 67-km long road project is expected to be 2 years from the date of appointment and the concession period will be 18 years.
With this project award, Adani’s road portfolio will have total 14 projects with more than 5,000 lane km with asset value exceeding ₹41,000 crore spread across India.
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