Adani Ports To Acquire 31.5% Stake In Gangavaram Port In Andhra Pradesh: What We Know So Far

India¡¯s largest private Ports & Logistics company Adani Ports and Special Economic Zones (APSEZ) Ltd. is set to get 31.5% stake held by Windy Lakeside Investment Limited (an affiliate of Warburg Pincus) in Gangavaram Port Limited (GPL), the company informed in a regulatory filing, as per a TNN report.

The acquisition's value is Rs 1954 crore and will need to be approved accordingly. GPL is in Andhra Pradesh's northern port next to Vizag. It's the second largest non-major port in the state.

TNN

¡°The acquisition of GPL is a part of our continued strategy to build out a port and logistics network that is unmatched in its ability to serve customers across the nation. The location of GPL in the north of AP is a strategic complement to our recent acquisition of the Port of Krishnapatnam that serves the south of AP. We believe that GPL holds great potential to complement its bulk cargo terminals with new cargo catagories that we intend to develop. The port provides us great access to an adjacent hinterland that was largely untapped by APSEZ thereby placing us in a position to serve a broader set of port customers as well as expand our overall hinterland logistics footprint for a much larger base of customers," said Karan Adani, CEO and Whole Time Director of APSEZ.

"We are grateful to the leaders of the AP Government for their support and are committed to doing our part to support their vision of accelerating the industrialization of AP. The Raju family must be complimented for having built an absolute world-class asset that we are proud to invest in," he added.

Business Insider

¡°From a greenfield project at the time of investment, Gangavaram Port has developed into a world-class port. We have been very pleased with our partnership with the Raju family and the Gangavaram Port team, and look forward to the port¡¯s continued success in partnership with the Adani Group,¡± said Vishal Mahadevia who is the Managing Director/Head of Warburg Pincus India.

¡°We are very proud of the remarkable success of Gangavaram Port in becoming one of India¡¯s leading and most efficient deepwater ports with ultra-modern infrastructure. Warburg Pincus has been a supportive partner in this journey, and we look forward to the Adani Group¡¯s contributions in the next phase of the port¡¯s growth,¡± said DVS Raju, the Chairman of Gangavaram Port Limited.