On Tuesday, Adani Ports announced that the acquisition of Gangavaram Port (GPL) of 10.4% stake proposed by the company has been approved by the government of Andhra Pradesh.

The consideration is Rs. 644.78 crore for the acquisition of 10.4% equity stake of Gangavaram Port.

In an exchange filing on Tuesday, Adani Ports said, “The company has received letter/order from Andhra Pradesh Maritime Board dated 23rd August 2021 received on 24th August 2021 intimating the approval of proposal of acquisition of 10.4% stake of GPL by the company from Government of Andhra Pradesh.”