Adani Ports announced on Tuesday that it will acquire a 58% stake in Gangavaram Port Limited (GPL) held by D.V.S Raju and family for Rs 3,604 crore. The deal, which is subject to regulatory approvals, will take the stake of the private multi-port operator to 89.6% in GPL.

Earlier this month, Adani Ports and Special Economic Zone (APSEZ) announced the acquisition of Warburg Pincus's 31.5% stake in GPL.

Located in proximity to the Vizag Port, Gangavaram Port is the second largest non-major port in Andhra Pradesh and is in the business of handling several types of dry and bulk commodities comprising iron ore, limestone, sugar, coal, fertiliser, bauxite, alumina, and steel.

"Adani Ports and Special Economic Zone (APSEZ), India's largest private ports and logistics company and the flagship transportation arm of the diversified Adani Group, is acquiring a 58.1% stake held by DVS Raju and family in Gangavaram Port Limited (GPL)," the company said in a statement.

"Ports play a major role in shaping the future. Through APSEZ's 89.6% stake in Gangavaram port, the Adani Group will greatly expand its pan-India cargo presence. As India's largest private sector port developer and operator, we will accelerate India's and AP's industrialisation," Adani Group Chairman Gautam Adani said in a tweet.

Currently, GPL operates 9 berths and has free-hold land of 1,800 acres. With a master plan capacity of 250 MTPA with 31 berths, the port has sufficient headroom to support future growth.