India: Adani Ports acquires majority of Gangavaram Port stake with government approval

Adani Ports has acquired a majority stake at the Gangavaram Port as it has received the Andhra Pradesh government’s approval for the acquisition of the remaining 10.4% stake which was the last leg for its total acquisition of the port. In Mar’21, the company had acquired the controlling stake of Gangavaram Port from DVS Raju Family, following the acquisition of the 31.5% stake held by Windy Lakeside Investment Ltd. The major eastern port is in line with the company’s strategic acquisitions as it has multi-cargo facility and handled 32.81 mn t of cargo in FY21. The port has a capacity of 64 mn t.