Competition Commission of India (CCI) gave its nod to Adani Ports on September 20 to acquire a 10.4 percent stake in Gangavaram Port in Andhra Pradesh.
“Commission approves proposed acquisition of 10.40% equity shareholding of Gangavaram Port by Adani Ports and Special Economic Zones Ltd,” CCI said in a statement.
The CCI approval comes a month after Adani Ports received the approval from Andhra Pradesh government to acquire the stakes in Gangavaram Port. The total amount of the deal is Rs 644.78 crore, and the transaction is expected to be completed within a month, the company had said in a BSE filing.
Gangavaram Port was incorporated in September 2001 and is engaged in the business of handling various types of dry bulk and break bulk cargo.
The port handled 32.81 MMT of cargo in FY21, and has a capacity of 64 MMT. Its operational revenue for the fiscal year 2020-21 was Rs 1,057 crore.
