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    Adani Ports shares gain over 2% on acquiring stake in Gangavaram Port

    Adani Ports shares gain over 2% on acquiring stake in Gangavaram Port

    Adani Ports shares gain over 2% on acquiring stake in Gangavaram Port
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    By CNBCTV18.com  IST (Published)

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    The share price of Adani Ports and Special Economic Zones rallied more than 2 percent on Thursday after the company announced the acquisition of a 31.5 percent stake in Gangavaram Port.

    The share price of Adani Ports and Special Economic Zones rallied more than 2 percent on Thursday after the company announced the acquisition of a 31.5 percent stake in Gangavaram Port.
    In an exchange filing, Adani Ports & SEZ said that it was acquiring the 31.5 percent stake held by Windy Lakeside Investment Ltd (an affiliate of Warburg Pincus) in Gangavaram Port Ltd (GPL) for Rs 1,954 crore.
    In FY20, GPL had a cargo volume of 34.5 MMT, generated revenue of Rs 1,082 crore, EBITDA of Rs 634 crore (margin of 59 percent) and PAT of Rs 516 crore. GPL is debt-free with a cash balance of over Rs 500 crore, it added.
    GPL is the second-largest non-major port in Andhra Pradesh with a 64 MMT capacity established under a concession from the government that extends till 2059. It is all-weather, deep water, multi-purpose port capable of handling fully laden super-cape size vessels of up to 200,000 DWT.
    “The location of GPL in the north of AP is a strategic complement to our recent acquisition of the Port of Krishnapatnam that serves the south of AP. We believe that GPL holds great potential to complement its bulk cargo terminals with new cargo categories that we intend to develop,” said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zones.
    At 11:20 am, the shares of Adani Ports & SEZ were trading 2.61 percent higher at Rs 748.60 apiece on the BSE as compared to a 0.68 percent loss in the benchmark Sensex.
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