The Competition Commission of India (CCI) has approved acquisition of 89.6 per cent of equity shareholding in Gangavaram Port Ltd (GPL) by Ad Ports and Special Economic Zones Ltd (APSEZ) under Section 31(1) of the Competition Act 2002.
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, according to a statement released on Tuesday by the Ministry of Corporate Affairs.
The company manages complete logistics chain that is 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 is engaged to own, develop and operate the deep-water port at Gangavaram in Andhra Pradesh pursuant to a concession agreement on Build-Own-Operate-Transfer basis with the 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).
( With inputs from ANI )
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