“Adani Ports and Special Economic Zone (APSEZ), India''s largest private ports and logistics company and the flagship transportation arm of the diversified Adani Group, is acquiring the 58.1 per cent stake held by DVS Raju and family in Gangavaram Port Limited (GPL),” the company said in a statement.
Adani Ports and Special Economic Zone | India’s largest private Ports & Logistics company Adani Ports is going to develop the west container terminal (WCT) of Colombo Port in Sri Lanka. "Adani Ports has received a letter of intent (LOI) from the Ministry of Ports and Shipping of Sri Lanka and the Sri Lanka Ports Authority, acting on behalf of the Government of Sri Lanka, for the development and operations of west container terminal (WCT) in Colombo, Sri Lanka," the company said in its BSE filing.
Adani Ports will partner with Sri Lanka's largest diversified conglomerate John Keells Holdings PLC and with the Sri Lanka Ports Authority (SLPA) as a part of the consortium awarded this mandate, the company added. "The WCT will be developed on a build, operate and transfer basis for a period of 35 years as a public-private partnership. WCT will have a quay length of 1,400 meters and alongside depth of 20 meters, thereby making it a prime transshipment cargo destination to handle ultra large container carriers," Adani Ports said.
The stock closed 1.11 percent lower at Rs 719 on March 15. It hit a 52-week high of Rs 768.40 on March 8, 2021, and a low of Rs 203.40 on March 23, 2020. The market-cap of the company stands at Rs 1.46 lakh crore. In terms of technical, the current rating by Moneycontrol on the stock is very bullish. The important support levels for the stock are placed at Rs 723.30-716.43, while resistance is placed at Rs 745.53-752.40, data from Moneycontrol.com showed.
Adani Ports and Special Economic Zone on Tuesday said it will acquire controlling interest in Gangavaram Port Ltd (GPL) from DVS Raju and family for Rs 3,604 crore taking its stake in GPL to 89.6 per cent.GPL is located in the northern part of Andhra Pradesh next to Vizag Port.
“Adani Ports and Special Economic Zone (APSEZ), India''s largest private ports and logistics company and the flagship transportation arm of the diversified Adani Group, is acquiring the 58.1 per cent stake held by DVS Raju and family in Gangavaram Port Limited (GPL),” the company said in a statement.The acquisition is valued at Rs 3,604 crore.
APSEZ had announced acquisition of Warburg Pincus'' 31.5 per cent stake in GPL on March 3, 2021, and together with this acquisition, APSEZ would have 89.6 per cent stake in GPL.“Ports play a major role in shaping the future. Through APSEZ''s 89.6 per cent stake in Gangavaram port, the Adani Group will greatly expand its pan-India cargo presence. As India''s largest private sector port developer and operator, we will accelerate India''s and AP''s industrialisation,” Adani Group Chairman Gautam Adani said in a tweet.
It is the second largest non-major port in Andhra Pradesh with a 64 MT capacity established under concession from Government of Andhra Pradesh (GoAP) that extends till 2059.
It is an all-weather, deep water, multipurpose port capable of handling fully laden super cape size vessels of up to 2,00,000 DWT, the statement said.