Adani Ports Gets Approval To Acquire 89.6% Stake In Gangavaram Port

Adani Ports and Special Economic Zones Limited (APSEZ) will quickly purchase an 89.6 per cent stake within the Gagavaram Port, in Visakhapatnam, Andhra Pradesh. On April 13, 2021, the federal government’s competitors regulatory physique – the Competition Commission of India (CCI) permitted the acquisition of 89.6 per cent fairness shareholding within the Gangavaram Port Limited by Adani Ports. According to an announcement launched by the Ministry of Corporate Affairs immediately, the approval by the regulatory physique has come underneath part 31 (1) of the Competition Act, 2002. (Also Read: Adani Ports Removed From S&P Index Due To Links With Myanmar Military )

Meanwhile, earlier within the day, it was reported by information company Reuters that Adani Ports has been faraway from S&P Index on account of hyperlinks with Myanmar Military. The firm is an built-in port infrastructure providers supplier. S&P Dow Jones Indices eliminated Adani Ports and Special Economic Zone Limited from its sustainability index as a result of firm’s enterprise ties with Myanmar’s navy, which has been accused of human rights abuses after a coup.

Adani Ports and Special Economic Zones is the nation’s largest non-public multi-port operator and is presently current throughout 11 home ports in six maritime states of Goa, Gujarat, Andhra Pradesh, Kerala, Odisha, and Tamil Nadu, in keeping with the Ministry of Corporate Affairs.

The port providers supplier is concerned in managing the entire logistics chain – from vessel administration to pilotage, anchorage, berthing, tug pulling, storage and dealing with, items dealing with inner transport, processing, and the ultimate evacuation by highway or rail.

Gangavaram Port in Andhra Pradesh is the deepest all-weather, multipurpose port within the nation, having round the clock operations. It can be one of many few greenfield port initiatives within the nation.