Cargo Breaking News
Adani Ports and Special Economic Zone Ltd (“APSEZ”), India’s largest ports and logistics company and part of Adani Group, has received approvals from NCLT Ahmedabad and NCLT Hyderabad for acquiring the remaining 58.1% stake in Gangavaram Port Limited (GPL) through the composite scheme of arrangement. With this stake purchase, GPL will become a 100% subsidiary of APSEZ. Commenting on it, Karan Adani, CEO and Whole-time Director, APSEZ said, “Acquisition of GPL is a key milestone in consolidating our position as India’s largest transport utility and in achieving East Coast & West Coast parity. Gangavaram Port has excellent rail & road network connectivity and is the business gateway to the hinterland spread over eight states. The recent addition of a container handling terminal will enable us to accelerate our growth of cargo volumes”.
APSEZ also brings world-class logistics synergies to the table, which will propel Gangavaram Port to a potential cargo volume of 250 MMT. This will boost the pace of industrialization of Andhra Pradesh, added Mr Adani.
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