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Adani Ports to Acquire 58.1% stake in Gangavaram Port

India’s largest private ports and logistics company, Adani Ports and Special Economic Zone (APSEZ) has signed an agreement with DVS Raju & Family to acquire 58.1% stake in Gangavaram Port Ltd. (GPL) for Rs 3,604 Cr.

GPL is a multi-cargo facility and handled 34.8 million tonnes of cargo in FY20.

The acquisition is subject to approvals from Competition Commission of India (CCI) and Government of Andhra Pradesh. The transaction is expected to be completed within six months.