Adani Ports and Special Economic Zones (APSEZ) is acquiring the 31.5% stake held by Windy Lakeside Investment Limited, an affiliate of Warburg Pincus, in Gangavaram Port Limited (GPL). APSEZ is also in discussions with DVS Raju & Family to purchase their 58.1% holding in GPL, to give it majority control.
GPL is located in the northern part of Andhra Pradesh next to Vizag Port. It is the second largest non major port in Andhra Pradesh with a 64 million tonnes a year capacity and is capable of handling fully laden super cape size vessels of up to 200,000 dwt. Currently, GPL operates 9 berths with a master plan capacity for 31 berths capable of handling 250 million tonnes. In the last financial year GPL handled 34.5 million tonnes of cargo, mainly bulk goods.
Karan Adani, CEO of APSEZ said, “The acquisition of GPL is a part of our continued strategy to build out a port and logistics network that is unmatched in its ability to serve customers across the nation. The location of GPL in the north of Andhra Pradesh is a strategic complement to our recent acquisition of the Port of Krishnapatnam that serves the south of the state. We believe that GPL holds great potential to complement its bulk cargo terminals with new cargo categories that we intend to develop.”