India’s largest private port operator Adani Ports and Special Economic Zone (APSEZ) is looking to take control of Gangavaram Port in Andhra Pradesh in southeast India.
The company has entered into an agreement with private equity firm Warburg Pincus to acquire 31.5% equity shares in Gangavaram Port.
The company is also in discussion with DVS Raju & Family for their 58.1% stake in Gangavaram Port. The remaining 10.4% shares of the port is held by the local government.
Gangavaram Port handles a diverse mix of dry bulk commodities and it is the gateway port for a hinterland spread over 8 states across eastern, western, southern and central India.
“The port provides us great access to an adjacent hinterland that was largely untapped by APSEZ thereby placing us in a position to serve a broader set of port customers as well as expand our overall hinterland logistics footprint for a much larger base of customers,” said Karan Adani, CEO of Adani Ports.
Adani Ports just completed the acquisition of a 100% stake in Dighi Port for $97m in Mahrashtra last month and has committed to invest $1.37bn to develop it into an alternative gateway to Jawaharlal Nehru Port Trust in Mumbai.
Adani Ports currently owns and operates 12 ports and terminals in India.