CAM acts on Adani Ports and SEZ Ltd. Acquisition of Stake in Gangavaram Port
Cyril Amarchand Mangaldas advised Adani Ports and Special Economic Zone Limited (Adani Ports) on acquisition of 58.10% stake held by D.V.S. Raju and other promoter entities (Promoters) in Gangavaram Port Limited (Gangavaram Port) for Rs. 3,604 crore. The transaction follows 31.50% stake acquisition from Warburg Pincus Group.
Earlier this month, Adani Ports had announced the acquisition of Warburg Pincus group's 31.50% stake in Gangavaram Port. Once the current acquisition receives requisite approvals, Adani Ports will end up owning 89.60% stake in Gangavaram Port.
The General Corporate and Competition Law teams of Cyril Amarchand Mangaldas advised Adani Ports on the Transaction.
The Transaction was led by Smruti Shah, Partner; and Paridhi Adani, Partner, with support from Aviral Chauhan, Senior Associate and Neham Tayal, Senior Associate.
The due diligence team was led by Paridhi Adani, Partner; with support from Aniket Singhania, Senior Consultant; Esha Sanas, Associate; and Rual Chudukattil, Associate.
The Competition Law team was led by Avaantika Kakkar, Partner (Head – Competition), Anshuman Sakle, Partner; with support from Kaustav Kundu, Principal Associate; Ruchi Verma, Senior Associate.
The Transaction is subject to approval from Competition Commission of India.
The Transaction was signed on March 23, 2021 and is expected to be closed by September 30, 2021.