Adani Ports on September 20 received approval from the Competition Commission of India (CCI) to acquire a 10.4 percent stake in Gangavaram Port in Andhra Pradesh.
“Commission approves proposed acquisition of 10.40% equity shareholding of Gangavaram Port by Adani Ports and Special Economic Zones Ltd,” CCI said in a statement.
The CCI nod comes a month after Adani Ports received the approval from Andhra Pradesh government to acquire the stakes in Gangavaram Port.
The consideration of the deal is Rs 644.78 crore, and the transaction is expected to be completed within a month, the company had said in a BSE filing.
Notably, Gangavaram Port was incorporated in September 2001 and is engaged in the business of handling various types of dry bulk and breakbulk cargo.
The port had handled 32.81 MMT of cargo in FY21, and has a capacity of 64 MMT. Its operational revenue for the fiscal year 2020-21 was Rs 1,057 crore.Internet Explorer Channel Network