APSEZL receives NCLT approval to acquire remaining stake in GPL

The Adani Ports and Special Economic Zone Limited (APSEZL) has received approval from the National Company Law Tribunal (NCLT) to acquire the remaining 58.1 per cent stake in the Gangavaram Port Limited (GPL). The acquisition of GPL is priced at around Rs 62 billion. APSEZ has already acquired a 31.5 per cent stake in the company from Warburg Pincus and another 10.4 per cent from the government of Andhra Pradesh (GoAP) during FY 2022. The port is established under a concession from the GoAP that extends till 2059. Located in the northern part of Andhra Pradesh, the Gangavaram Port is the third largest non-major port in the state with a 64 million tonnes per annum capacity and capable of handling fully laden super cape size vessels of up to 200,000 deadweight tonnage.