Adani Ports to acquire a 58.1% stake in Gangavaram Port for c.$480m.

Adani Ports, a private ports & logistics company, agreed to acquire a 58.1% stake in Gangavaram Port, a port in India, for c.$480m. The acquisition is subject to regulatory approvals. "The acquisition of GPL is a further augmentation of our vision of capitalizing on an expanded logistics network effect that generates greater value as it expands. Every additional node that we are able to add to our network allows us to deliver a greater level of integrated and enhanced solutions to our customers. In this context, GPL is a tremendous addition to our portfolio,” Mr. Karan Adani, APSEZ CEO and Whole Time Director.