Andhra Pradesh government approves acquisition in APSEZ

The Andhra Pradesh Government has approved the acquisition of 31.5 per cent equity stake of Warburg Pincus India Limited in Gangavaram Port Limited (GPL) by APSEZL. Further, it has approved the acquisition of its 10.4 per cent equity stake in GPL by APSEZL at an enterprise value of Rs 6.45 billion. GPL is involved in the development of the Gangavaram port project, which entails the construction of four berths (one for coal and three multipurpose berths) in Visakhapatnam district of Andhra Pradesh at an investment of Rs 13.19 billion. Phase I of Gangavaram port was commissioned on April 17, 2009, while Phase II was commissioned in May 2016.