Gangavaram Port denies sale of stake

Port management gives clarification

Gangavaram, February 3, 2010

The management of Gangavaram Port on Tuesday clarified that the news on Mundra Port and Special Economic Zone Limited (MPSEZ) promoted by Adani Group, buying stake in the port as untrue and baseless. Rubbishing news on sale of stake, the management in a release issued by its public relations consultant stated that there had been no discussions of any nature with the Mundra Port and that there was no equity stake sale proposed or envisaged by any of the shareholders of Gangavaram Port.

Gangavaram Port is a public private initiative by the Government of Andhra Pradesh and it is developed by a consortium led by DVS Raju. The management claims that it is the deepest and the most modern port in the country with all weather round the year operations. The port as part of its first phase has commenced operations in five berths.

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