Adani Ports and Special Economic Zone (APSEZ) has completed the acquisition of the Government of Andhra Pradesh’s (GoAP) remaining10.4% stake in the port of Gangavaram, thereby giving it complete control of the deep sea gateway. Earlier this year APSEZ acquired 31.5% in the port from Windy Lakeside Investment, a Warburg Pincus affiliate, and signed an agreement for the controlling stake of 58.1% held by DVS Raju and family.
The port is a 64 million tonnes capacity, non-major port established under a concession from GoAP that extends till 2059. This acquisition is expected to significantly expand APSEZ’s access to several new markets as it can handle fully laden Super Cape size vessels of up to 200,000 dwt and wide range of dry bulk and breakbulk commodities such as coal, iron ore, fertiliser, limestone, bauxite, sugar, alumina and steel. In the last financial year total cargo throughput was around 32.8 million tonnes.
APSEZ CEO, Karan Adani, says, “The network of ports that we continue to build allows us to create an integrated mesh of logistics capabilities to deliver an unmatched set of services to our customers. Gangavaram is a major part of this mesh in one of India’s fastest growing states and we are excited about the growth prospects of the port, which is core to our east coast expansion strategy and is advantageously located to allow us unprecedented access to the largely untapped hinterland market.”