Adani Ports and Special Economic Zone (APSEZ), a part of Adani Group, has secured approvals from NCLT Ahmedabad and NCLT Hyderabad to purchase the remaining interest in Gangavaram Port Limited (GPL), India, for $751m (Rs62bn).

The approvals will enable APSEZ to acquire the remaining 58.1% interest in GPL from DVS Raju and family through the composite scheme of arrangement.

APSEZ previously bought a 31.5% interest in GPL from Warburg Pincus, as well as another 10.4% from the Government of Andhra Pradesh, during the financial year 2021-22.

With the purchase of this interest, GPL will now be a 100% subsidiary of APSEZ.

Situated in the northern part of the Indian state of Andhra Pradesh, next to Vizag Port, Gangavaram Port is claimed to be the third largest non-major port in the state. It has a 64MMt capacity.

The port was formed under a concession from the Government of Andhra Pradesh (GoAP) that extends until 2059.

The all-weather, deep water port has the capability to handle completely laden super cape-size vessels of up to 200,000DWT.

With freehold land of 1,800 acres, the port currently has nine berths. It also has enough headroom to support future growth, with a master plan capacity of 250MMt a year.

Serving as the gateway port for a hinterland spread across more than eight states in India, Gangavaram Port handles a range of dry and bulk commodities.

APSEZ CEO and whole-time director Karan Adani said: “Acquisition of GPL is a key milestone in consolidating our position as India’s largest transport utility and in achieving East Coast and West Coast parity.

“Gangavaram Port has excellent rail and road network connectivity and is the business gateway to the hinterland spread over eight states. The recent addition of a container handling terminal will enable us to accelerate our growth of cargo volumes.”