The Competition Commission of India (CCI) has approved proposed acquisition of 10.4 per cent of equity shareholding of Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ).
The proposed combination envisages acquisition of 10.4 per cent of the shareholding in GPL (i.e., the entity operating Gangavaram port) by APSEZ from from the Government of Andhra Pradesh, an official release said.
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 own, develop and operate the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on Build-Own-Operate-Transfer basis with Government of Andhra Pradesh for a concession period of thirty years from the date of commercial operations and entitled for a further period of 20 years (two periods of 10 years each), the release added.