AP Government To Sell Gangavaram Port Stake to Adani

AP Government To Sell Gangavaram Port Stake to AdaniIn 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.

With these acquisitions – the company now commands one-quarter of India’s port capacity.


Follow Mirchi9 on Google News

This Week Releases on OTT – Check ‘Rating’ Filter

Hiring Content Writer: We are looking to hire a ‘Telugu’ content writer. Send your sample articles to [email protected]

Inside Story: Who Prepared Pawan Kalyan's Speech?Don't MissInside Story: Who Prepared Pawan Kalyan's Speech?We media usually address Pawan Kalyan as Powerstar while writing film news and as Janasena...Rana NaiduDon't MissVenkatesh And Rana Together For Netflix Web SeriesThe dream of Daggubati fans has finally come true as Rana and Venkatesh Daggubati are...Love Story All set For Record-Breaking Openings!Don't MissLove Story All set For Record-Breaking Openings!Love Story starring Naga Chaitanya and Sai Pallavi is undoubtedly the biggest Telugu release post...List of New Title Premiering On OTT September 2021 Last WeekDon't MissList Of New Titles Premiering On OTT This WeekHere is the list of new titles premiering on top OTT platforms like Netflix, Amazon...Three Different Targets For Love Story TrioDon't MissThree Different Targets For Love Story TrioNaga Chaitanya and Sai Pallavi starrer Love Story is all set to hit the silver...

Mirchi9