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
