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Adani Ports Gets Approval To Acquire 89.6% Stake In Gangavaram Port

The approval has come underneath part 31 (1) of the Competition Act, 2002.

Adani Ports and Special Economic Zones Limited (APSEZ) will quickly purchase an 89.6 per cent stake within the Gagavaram Port, in Visakhapatnam, Andhra Pradesh. On April 13, 2021, the federal government’s competitors regulatory physique – the Competition Commission of India (CCI) accredited the acquisition of 89.6 per cent fairness shareholding within the Gangavaram Port Limited by Adani Ports. According to an announcement launched by the Ministry of Corporate Affairs right now, the approval by the regulatory physique has come underneath part 31 (1) of the Competition Act, 2002. (Also Read: Adani Ports Removed From S&P Index Due To Links With Myanmar Military )

Meanwhile, earlier within the day, it was reported by information company Reuters that Adani Ports has been faraway from S&P Index resulting from hyperlinks with Myanmar Military. The firm is an built-in port infrastructure companies supplier. S&P Dow Jones Indices eliminated Adani Ports and Special Economic Zone Limited from its sustainability index as a result of firm’s enterprise ties with Myanmar’s army, which has been accused of human rights abuses after a coup.

Adani Ports and Special Economic Zones is the nation’s largest personal multi-port operator and is at present current throughout 11 home ports in six maritime states of Goa, Gujarat, Andhra Pradesh, Kerala, Odisha, and Tamil Nadu, in response to the Ministry of Corporate Affairs.

The port companies supplier is concerned in managing the entire logistics chain – from vessel administration to pilotage, anchorage, berthing, tug pulling, storage and dealing with, items dealing with inner transport, processing, and the ultimate evacuation by street or rail.

Gangavaram Port in Andhra Pradesh is the deepest all-weather, multipurpose port within the nation, having round the clock operations. It can be one of many few greenfield port initiatives within the nation. 

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