India’s largest private port operator Adani Ports and Special Economic Zone (APSEZ) has taken control of Gangavaram Port in Andhra Pradesh by acquiring another 58.1% stake in the port.
Earlier this month, Adani Ports entered into an agreement with private equity firm Warburg Pincus to acquire 31.5% of Gangavaram Port.
The port operator has now acquired another 58.1% stake of Gangavaram Port from DVS Raju & Family, with the remaining 10.4% 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 acquisition is in line with company’s strategy of East Coast to West Coast parity and will provide an access to growth from new hinterland markets as it has coverage in resource rich and industrial belt in Eastern, Central & Southern India,” Adani Ports said in a release.