The Competition Commission of India (CCI) has cleared the acquisition of 10.4 per cent stake in Gangavaram Port Limited by Adani Ports and Special Economic Zone Limited.
Adani Ports will be acquiring the equity stake from Andhra Pradesh government, according to a statement issued by the competition regulator.
“The CCI approves proposed acquisition of 10.4 per cent of equity shareholding of Gangavaram Port Limited by Adani Ports and Special Economic Zones Limited,” the CCI statement said.
Adani Ports is present in six maritime states and across 11 ports, namely in Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
Gangavaram Port Limited owns, develops and operates the deep-water port at Gangavaram in Andhra Pradesh under a concession agreement on build-own-operate-transfer basis with the state government, the CCI notice said.