Gujarat sells off holding in Guj Adani Port

AHMEDABAD: It’s official. The Gujarat government has completely divested its stake in Gujarat Adani Port (GAPL), the Adani Group company which has developed and operates the Mundra port.

On Thursday, the Adanis paid Rs 200 crore to the state government, after buying back the latter’s 8.55% stake in the Mundra port. Gujarat Maritime Board’s vice-chairman and chief executive officer HK Dash confirmed that the government had issued a formal order for divestment of its stake and the Adanis had paid Rs 200 crore.

As per the agreement signed, it was mandatory for the Adanis to buy back the shares of the government at the current market value as decided by an independent valuer. Having got Rs 200 crore, the state government has raked in close to 14 times its actual investment in Mundra port.

In 1998, the state through Gujarat Port Infrastructure Development (GPIDCL) had participated in this project with an investment of Rs 15 crore. Recently, GPIDCL had transferred ‘at par’ all the 10.55 crore shares each of Rs 10 face value that it owned in GAPL to the government.