The Competition Commission of India (CCI) has approved the proposed acquisition of 10.4 percent of equity shareholding of Gangavaram Port (GPL) by Adani Ports and Special Economic Zone (APSEZ).
The proposed combination envisages acquisition of the shareholding in GPL (i.e. the entity operating Gangavaram Port) by APSEZ from the government of Andhra Pradesh.
APSEZ is an integrated port infrastructure services provider currently present across 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
GPL will own, develop and operate the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on build, own, operate and transfer (BOOT) basis with the government of Andhra Pradesh for a concession period of 30 years from the date of commercial operations and entitled for a further period of 20 years (two periods of 10 years each).