Adani Ports and Special Economic Zone Ltd ( APSEZ) has received approvals from the National Company Law Tribunals at Ahmedabad and Hyderabad for acquiring 58. 1 per cent stake in Gangavaram Port Ltd ( GPL). With this stake purchase, GPL will become a fully- owned subsidiary of APSEZ. The acquisition of GPL is priced at around Rs 6,200 crore ( 517 million shares at Rs 120 each). Gangavaram Port has excellent rail and road network connectivity and is the business gateway to a hinterland spread over eight states. The recent addition of a container handling terminal will help to accelerate growth of cargo volumes.
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