GPL handled a cargo volume of 34.5 MMT in FY20. Credit: Just dance / Shutterstock.

India-based Adani Ports and Special Economic Zones (APSEZ) is set to acquire a minority stake of 31.5% in Gangavaram Port (GPL) from Windy Lakeside Investment, an affiliate of Warburg Pincus, for Rs19.54bn ($268m).

Located next to Vizag Port in the Indian state of Andhra Pradesh, GPL is the second-largest non-major port in the state with a capacity of 64 MMT.

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The port was established under a concession from the Government of Andhra Pradesh (GoAP), extending until 2059.

The all-season, deep water, multi-purpose port can handle fully laden super Capesize ships of up to 200,000dwt.

As of now, GPL runs as many as nine berths and has approximately 1,800 acres of freehold land.

Moreover, the port is planning to expand its capacity to 250 MMTPA with 31 berths.

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The port handles varied types of dry and bulk cargos such as sugar, alumina, steel, coal, iron ore, fertiliser, limestone, and bauxite.

APSEZ CEO and whole-time director Karan Adani said: “The acquisition of GPL is a part of our continued strategy to build out a port and logistics network that is unmatched in its ability to serve customers across the nation.

“The port provides us great access to an adjacent hinterland that was largely untapped by APSEZ, thereby, placing us in a position to serve a broader set of port customers, as well as expand our overall hinterland logistics footprint for a much larger base of customers.”

GPL handled a cargo volume of 34.5 MMT in FY20.

Additionally, APSEZ is holding discussions with DVS Raju & Family (Promoter) for their 58.1% stake in the port.

The acquisition is subject to regulatory approvals. It expands APSEZ’s market share to 30% across 12 locations in the country.