The courts in Ahmedabad and Hyderabad have cleared Adani Ports and Special Economic Zone (APSEZ) to use a compound agreement to acquire the remaining 58.1% stake in Gangavaram Port (GPL).

GPL will become a wholly owned subsidiary of APSEZ following this NCLT approval and subsequent share acquisition.

The acquisition of GPL will cost about Rs 62 billion. During FY22, APSEZ already bought a 31.5% stake in the company from Warburg Pincus and another 10.4% from the government of Andhra Pradesh. Through a share swap agreement, DVS Raju & the family's 58.1% stake will be acquired, and the former GPL promoters will receive approximately 47.7 million APSEZ shares as part of the deal.