New Delhi: The Competition Commission of India (CCI) approves proposed acquisition of 10.4% of equity shareholding of Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ).
The proposed combination envisages acquisition of 10.4% of the shareholding in GPL (i.e., the entity operating Gangavaram port) by APSEZ from from the Government of Andhra Pradesh.
APSEZ is an integrated port infrastructure services provider currently present across 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
Gangavaram port is the deepest all weather port in India with round the clock operations. It has the unique distinction of being one of the few Greenfield port projects in India which has been implemented on schedule. Construction at the site commenced in December 2005 and the Port commenced trial operations in August 2008.
GPL own, develop and operate the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on Build-Own-Operate-Transfer basis with Government of Andhra Pradesh for a concession period of thirty years from the date of commercial operations and entitled for a further period of 20 years (two periods of 10 years each).
Detailed order of the CCI will follow, the Ministry of Corporate Affairs stated here today.
– global bihari bureau
