In the Cabinet meeting the other day, Andhra Pradesh Government has decided to sell away its remaining stake in Gangavaram Port to mobilize Rupees 645.1 Crore. Adani Ports recently acquired an 89.6% stake in the port. The state government has a 10.4% stake in the port.
The Government is getting a 22 Crore dividend every year due to the stake in the port. But the cash-strapped government is keen on getting a lumpsum amount. This deal when goes through will give the Adani Ports 100% ownership of the Deepwater port.
Gangavaram Port has a business potential of 50 Million Tonnes per year. The port is right now handling 32-35 million tonnes per year. Adani Ports in the last three financial years has made as many as six acquisitions including the Krishnapatnam port which is also in AP.
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