New Delhi: India’s fair trade regulator, the Competition Commission of India has cleared the proposed acquisition of 10.4% of equity shareholding of Gangavaram Port Limited by Adani Ports and Special Economic Zones Limited, the Ministry of Corporate Affairs announced on Monday.
Adani will acquire this equity in GPL from the Government of Andhra Pradesh.
Ahmedabad based Adani Group is one of the largest Indian conglomerates and it is active in port management, renewable energy, airport operations and defence sectors, among others.
APSEZ is an integrated port infrastructure services provider company of Adani Group which has been operating 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
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GPL developed, owns and operates the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on a Build-Own-Operate-Transfer basis with the Government of Andhra Pradesh.
The concession agreement is for a concession period of 30 years from the date of commercial operations and is entitled to a further period of 20 years, which could be two periods of 10 years each.
The ministry said the Competition Commission of India would issue a detailed order in near future.
