CCI clears Adani Port's acquisition of 89.6% equity of Gangavaram Port

The Competition Commission of India (CCI) has approved the acquisition of 89.6 per cent of equity shareholding of Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ).

APSEZ is an integrated port infrastructure services provider currently present across 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. APSEZ manages the complete logistics chain (ie, from vessels management to anchorage, pilotage, tug pulling, berthing, goods handling internal transport, storage and handling, processing and final evacuation by road or rail).
GPL owns, develops and operates the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on `build-own-operate-transfer’ basis with government of Andhra Pradesh for a concession period of 30 years from the date of commercial operations and entitled for a further period of 20 years (two periods of 10 years each).
CCI said it would issue a detailed order in due course.