Cyril Amarchand Mangaldas advised Adani Ports and Special Economic Zone when it acquired a 58.1% stake in Gangavaram Port from the promoters, DVS Raju and family, for ₹36.04 billion (US$497 million) in a deal signed on 23 March.
Khaitan & Co, with a team comprising partners Mehul Shah and Ashraya Rao, and principal associate Aayush Misra, advised the sellers.
On 3 March, Adani Ports and Special Economic Zone had announced the acquisition of a 31.5% stake in Gangavaram Port from Warburg Pincus for ₹19.54 billion. A team from AZB & Partners led by partners Ashwath Rau and Nilanjana Singh advised Warburg Pincus.
As a result of both deals, Adani Ports and Special Economic Zone will own an 89.6% stake in Gangavaram Port following regulator approvals and deal closure. The government of Andhra Pradesh holds the remaining 10.4% stake in Gangavaram Port.
The acquisition from the promoters of Gangavaram Port, which requires approval from the Competition Commission of India and the government of Andhra Pradesh, is expected to be completed within six months.
Adani Ports and Special Economic Zone, which will own two ports in Andhra Pradesh – Krishnapatnam and Gangavaram – said the acquisition was “in line with company’s strategy of east coast to west coast parity”.