Adani Port acquires Gangavaram port for INR 6200 Crs.

The acquisition of 10.4% share held by the State government in Gangavaram Port Ltd (GPL) by Adani Ports and Special Economic Zone Ltd (APSEZ), the largest private port and logistics enterprise in the nation and the flagship of the Adani Group’s transportation division, was completed for Rs 645 crore.

The boards of both APSEZ and GPL have also approved the merger of GPL with APSEZ, taking into account the fair value of APSEZ at Rs 754.8 per share and the valuation of GPL at Rs 120 per share. This results in a swap ratio of 159 shares in APSEZ for 1,000 shares in GPL, representing the 58.1% stake held by DVS Raju and Family in GPL. The merger is anticipated to be completed on the scheduled date of April 1, 2021, subject to NCLT approval.

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