Khaitan & Co Advises GPL and DVS Raju and family in the Divestment of 58.1% Stake to Adani Ports

Khaitan & Co acted as legal advisors in the divestment of a 58.1% stake in Gangavaram Ports Limited to Adani Ports & Special Economic Zone Limited (“APSEZ”) for INR 3604 crore.

GPL is located in the northern part of Andhra Pradesh next to Vizag Port. It is the second-largest non-major port in Andhra Pradesh with a 64 MMT capacity established under a concession from the Government of Andhra Pradesh (GoAP) that extends till 2059. It is all-weather, deep water, multipurpose port capable of handling fully laden super cape size vessels of up to 200,000 DWT. Currently, GPL operates 9 berths and has freehold land of ~1,800 acres. With a master plan capacity of 250 MMTPA with 31 berths, GPL has sufficient headroom to support future growth.

We assisted GPL and the GPL Promoters in drafting, reviewing, negotiating and finalising the transaction documents.

The deal was led by Partners Mehul Shah and Ashraya Rao with assistance from Principal Associate Aayush Misra.

The transaction is subject to approvals under applicable laws, including approval of the Government of Andhra Pradesh and the Competition Commission of India