Adani Ports today announced that it will acquire a 58% stake in Gangavaram Port for ₹3,604 crore.
Earlier this month, Adani Ports and Special Economic Zone (APSEZ) stated the takeover of Warburg Pincus’s 31.5% stake in GPL. Together with the latest addition, APSEZ would have an 89.6% stake in Gangavaram Port.
The port is in the northern part of Andhra Pradesh, next to Vizag Port. It is the second-largest non-major port in AP, with a 64 MMT capacity set up under a grant from the GoAP that continues till 2059.
Covering an area of about 1800 acres, the port has 9 berths. The multipurpose port can handle fully loaded super cape size vessels of up to 200,000 DWT.
“With a master plan capacity for 250 MMTPA with 31 berths, GPL has sufficient headroom to support future growth,” the company said.
Cargo is being transported to Gangavaram Port from 8 states in East, West, South and Central India. Exports/imports of coal, iron ore, fertilizers, limestone, bauxite, sugar, aluminium and steel are booming in the port.