Adani Ports plans to gain full control of Gangavaram port soon

[Ryzen_renoir]

India’s largest private port operator Adani Ports and Special Economic Zones (APSEZ) Ltd. has announced that it is acquiring the 31.5% in Gangavaram Port Ltd (GPL), near Visakhapatnam, currently held by private equity investor Warburg Pincus. The acquisition is valued at ₹1,954 crore and subject to regulatory approvals. Adani intends to follow this up by the remaining shares in the port from the promoter family soon.

GPL is located in the northern part of Andhra Pradesh next to Vizag Port. It is the second largest non major port in Andhra Pradesh with a 64 million tonne per annum (mtpa) capacity established under concession from Government of Andhra Pradesh that extends till 2059. It is an all-weather, deep water, multi-purupose port capable of handling fully laden super cape size vessels of upto 200,000 deadweight tonnage. Currently, GPL operates nine berths and has free hold land of about1,800 acres. With a master plan capacity for 250 mtpa with 31 berths, GPL has sufficient headroom to support future growth.

[Ryzen_renoir]

Indian ports almost becoming a monopoly of Adani . As soon as Adani buys a port , central government develops load of Infrastructure around that poet and increases its value multiple fold .

After Adani bought krishnapatnam , almost 5000 crores of infrastructure is being developed around it and even more is under plan . 

Good for the local economy but not good for the country if one guy controls all the port sea traffic 

[MiryalgudaMaruthiRao]

nice