Competition Commission of India gave a go-ahead to a proposed acquisition of 10.4% equity shareholding of Gangavaram Port by Adani Ports and Special Economic Zones Ltd. The stake would have to be acquired from the Government of Andhra Pradesh, according to the combination notices filed by the regulator.
Commission approves proposed acquisition of 10.40% equity shareholding of Gangavaram Port by Adani Ports and Special Economic Zones Ltd pic.twitter.com/Fz2dySvdDw— CCI (@CCI_India) September 20, 2021
Adani Ports and Special Economic Zone is operating in 11 domestic ports in six maritime states such as Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
As per the notice, Gangavaram Port is engaged to own, develop and operate the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on Build-Own-Operate-Transfer basis with the state government. This is for a concession period of thirty years from the date of commercial operations and entitled for a further period of twenty years (two period of ten years each).