Adani group gets major share of Gangavaram port.
New Delhi: Adani Ports and Special Economic Zone Ltd (APSEZ), a port company of billionaire Gautam Adani-led Adani Group, on Monday informed that the National Company Law Tribunal (NCLT) Ahmedabad and NCLT Hyderabad will send it to Gangavaram Port Ltd (GPL) in Andhra Pradesh. ) has been approved to acquire 58.1 percent stake.
The company has said that with this GPL will become a wholly owned subsidiary of APSEZ. Karan Adani, Chief Executive Officer and Whole Time Director, APSEZ said in a statement that this acquisition marks a significant milestone in cementing our position as India’s largest transport facility company, giving us an equal footing on the East and West Coast. Working condition will be achieved.
With world-class logistics facilities being provided by APSEZ at Gangavaram port, the port in Andhra Pradesh can handle up to 250 million tonnes of cargo annually. Coal, iron, ore, fertilisers, limestone, bauxite, sugar, alumina, steel etc. are transported through this port on the east coast and it provides facilities to the states along the east coast and more than eight states of the central region.
During the financial year 2021-22, Gangavaram had transported 30 million tonnes of cargo, generating an income of Rs 1,206 crore and an operating profit of Rs 796 crore. It currently has an installed haulage capacity of 64 million tonnes and is spread over an area of 1800 acres. GPL is purely a tax exempt company.
