ADANI PORTS gets NCLT nod to acquire Gangavaram Port

Adani Ports and Special Economic Zone Ltd (APSEZ), the country’s largest ports and logistics company and part of Adani Group, has been approved by NCLT Ahmedabad and NCLT Hyderabad for acquiring the remaining 58.1 per cent stake in Gangavaram Port Limited (GPL) through the composite scheme of arrangement. With this stake purchase, GPL will become a 100 per cent subsidiary of APSEZ. Karan Adani, CEO and Whole-time Director, APSEZ said, “Acquisition of the GPL is a milestone in consolidating our position as the country’s largest transport utility and in achieving East Coast & West Coast parity.”