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NEW DELHI : The Competition Commission of India (CCI) on Monday cleared the acquisition of 10.4% stake in Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ).

APSEZ is buying the stake from the government of Andhra Pradesh, said an official statement from CCI. 

The deal is worth 644.78 crore, Mint had reported on 25 August.

APSEZ is an integrated port infrastructure services provider present across 11 domestic ports in the states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

GPL own, develop and operate the deep-water port at Gangavaram in Andhra Pradesh. This is based on a  concession agreement on build-own-operate-transfer basis with the Andhra Pradesh government for a period of thirty years. The concession agreement can be extended by 20 years.

The acquisition will provide (APSEZ) access to growth from new hinterland markets. CCI did not specify any modifications to the transaction.

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