APSEZ stood as the top gainer of NSE in the morning session .The stock was trading at Rs.746.25,up by 16.40 points or 2.25%.It touched intraday high of Rs.749.25 and low of Rs.715.85.
India’s largest private Ports & Logistics company, Adani Ports and Special Economic Zones (APSEZ) Ltd is acquiring the 31.5% stake held by Windy Lakeside Investment Limited in Gangavaram Port Limited (GPL). The acquisition is valued at Rs. 1,954 Cr and subject to regulatory approvals.
GPL handles a diverse mix of dry and bulk commodities including Coal, Iron Ore, Fertilizer, Limestone, Bauxite, Sugar, Alumina, and Steel. GPL is the gateway port for a hinterland spread over 8 states across eastern, western, southern and central India.
The company is also in discussions with DVS Raju & Family for their 58.1% stake in GPL. Acquisition expands APSEZ’s market share to 30% across 12 locations in India.