ADANI PORTS WILL ACQUIRE 58.1% STAKE IN GANGAVARAM PORT LTD

APSEZ will acquire controlling stake of 58.1% in Gangavaram Port Ltd (GPL) from DVS Raju and family for Rs. 3,604 Cr taking its stake in GPL to 89.6%.

GPL will benefit from APSEZ’s platform to improve market share, enhance cargo and improve operating efficiencies.

APSEZ through its 2 AP ports (Krishnapatnam & Gangavaram) will be able to offer enhanced solutions to its customers.

This acquisition continues the strategy of APSEZ to transform into a pan India cargo utility from a predominantly west coast port company.

The stock was trading at Rs.750.60,up by 28.70 points or 3.98%.It touched intraday high of Rs.755.00 and low of Rs.727.10.Market capitalisation of the stock was at Rs.15250328.72 Lakhs.