Adani Ports and Special Economic Zone Limited (NSEI:ADANIPORTS) agreed to acquire 10.4% stake in Gangavaram Port Limited from Government of Andhra Pradesh for INR 6.4 billion on May 6, 2021. Under the terms, Adani Ports will pay INR 120 per share and the purchase price is subject to closing adjustment. On March 31, 2021, Gangavaram Port Limited reported total revenue of INR 10.57 billion. The acquisition is subject to approvals under applicable laws, including approval of the Competition Commission of India. On August 23, 2021, Adani Ports has received letter/order from Andhra Pradesh Maritime Board intimating the approval of proposal of acquisition. On August 24, 2021, transaction is expected to be completed within 1 month. The Competition Commission of India (CCI) on September 20, 2021, cleared the acquisition of 10.4% stake in Gangavaram Port Limited Adani Ports and Special Economic Zone Limited (NSEI:ADANIPORTS) completed the acquisition of 10.4% stake in Gangavaram Port Limited from Government of Andhra Pradesh on September 22, 2021.