Adani Ports and SEZ Ltd (APSEZ) is going to acquire 31.5 percent stake owned by Windy Lakeside Investment in Gangavaram Port (GPL). Windy Lakeside is an affiliate of Warburg Pincus. Subject to regulatory approvals, the acquisition is estimated to be worth Rs 1,954 crore.
As per the finalized agreement, Adani Ports would be acquiring 16.3 crore shares of Warburg Pincus in GPL, at a price of Rs 120 each, said an official press release of the company.
With the completion of this deal, APSEZ, a key subsidiary of the diversified Adani Group, will be expanding its market share to above 30 percent at 12 locations across India, according to a report by Money Control.
The company is also in discussion with DVS Raju and family for their 58.1 percent stake - approximately 30 crore shares in GPL. The remaining 10.4 percent stake in the port is held by the Andhra Pradesh government.
The GPL is located in the northern part of Andhra Pradesh, next to Vizag Port. It is the second largest non-major port in the state with a 64 MMT capacity established under concession from the Government of Andhra Pradesh (GoAP) that extends till 2059.
Currently, GPL operates 9 berths and has free hold land of around 1,800 acres, APSEZ said in its statement, adding that with a master plan capacity for 250 MMTPA with 31 berths, GPL has sufficient headroom to support future growth.
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