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58.1% stake held by DVS Raju and Family in GPL. The merger,
which has an appointed date of 1 April 2021 and is subject to
nCLT approvals, is expected to conclude by 31 March 2022.
Earlier, in April 2021, APSEZ had acquired 31.5% from Windy inFraStrUctUre
Lakeside Investment Ltd, a Warburg Pincus affiliate, and had
signed an agreement for controlling stake of 58.1% held by DVS
Raju and Family. Post the merger of GPL and APSEZ, DVS Raju and
family will receive approx. 4.8 Cr shares resulting in ~2.2% stake
in APSEZ worth `3,604 Cr.
GPL is debt free with strong growth potential as part of the APSEZ
portfolio. Transaction has been completed at an equity value of
~`6,200 Crs and implies an EV/ FY21 EBTIDA multiple of ~8.8x and
L&T HYDrOCArbON ENGINEErING WINS SIGNIFICANT results in EPS accretion of ~7% to APSEZ FY 21 earnings.
OrDEr FrOM PETrONET LNG GPL is a 64 MMT capacity non-major port established under
L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of concession from Government of Andhra Pradesh (GoAP) that
Larsen & Toubro, has won a significant order from Petronet LnG extends till 2059 and is the gateway port for a hinterland spread
(PLL), a joint venture company promoted by four leading PSus viz., over 8 states across Eastern, Western, Southern and Central
Oil & natural Gas Corporation (OnGC), Indian Oil Corporation India. This acquisition significantly expands APSEZ’s access to
(IOCL), GAIL (India) and Bharat Petroleum Corporation (BPCL). several new markets. As a deep draft modern multipurpose
The contract is for Engineering, Procurement, Construction and port capable of handling fully laden Super Cape size vessels
Commissioning of two LnG Storage Tanks with a capacity of of up to 200,000 DWT, GPL handles a diverse mix of dry and
170,000 m3 each for Phase IIIB of the Dahej Expansion Project bulk commodities including Coal, Iron Ore, Fertilizer, Limestone,
at Dahej, Gujarat. The Project has been awarded through an Bauxite, Sugar, Alumina, and Steel. In FY21, GPL had a cargo
international competitive bidding on Lumpsum Turnkey (LSTK) volume of 32.8 MMT, revenue of `1,057 Cr and EBITDA of `625 Cr
basis. The award demonstrates PLL’s trust on LTHE’s capability to and PAT of `494 Cr. In Q1 FY22, GPL handled 8.7 MMT of cargo
deliver the project within a challenging schedule while ensuring and reported revenue of `313 Cr, EBITDA of `215 Cr and PAT of
excellent safety and quality performance. `192 Cr. With several operational initiatives underway, GPL is all
LTHE is committed to being an active EPC player in achieving set to continue its strong growth and margin expansion. The
Government of India’s target of increasing the share of natural addition of Gangavaram Port to the Adani Group’s pan-India
gas in the primary energy mix from the current 6% to 15% by port network tremendously strengthens APSEZ’s integrated logistics
2030. LTHE is also executing LnG tanks for Dhamra LnG Terminal approach. With strong business momentum, capital structure
in Orissa. Organized under Offshore, Onshore, Construction efficiencies and a commitment to net zero emissions by 2025,
Services, Modular Fabrication and AdVEnT verticals, LTHE delivers APSEZ continues to deliver great value to its shareholders.
‘design to build’ engineering and construction solutions across
the hydrocarbon spectrum. INDIA’S MMrDA SEEKS bIDS FOr PACKAGE 4 OF MTHL
PrOJECT
Gr INFrAPrOJECTS LTD rECEIVES LOA FOr NEW India’s Mumbai Metropolitan Region Development Authority
PrOJECT (MMRDA) has sought bids for building the ‘Package 4’ of Mumbai
GR Infraprojects Limited has received Letter of Award (LoA) for new Trans Harbour Link (MTHL) project on a design and build model.
project - Development of 6-lane Amritsar-Bathinda Greenfield MTHL will link Sewri in Mumbai and Chirle in navi Mumbai. Work
section of nH-754A from village Tiba on nE-SA to junction with on the project is expected to be finished in 2023.
Moga Jalandhar road (nH-703) near Dharamkot (from km 0+000 About 35 to 40% of the civil works have already been finished.
to km 39+000) as a part of Amritsar-Jamnagar Economic Corridor The MMRDA had secured an Official Development Assistance
in the state of Punjab on Hybrid Annuity Mode under Bharatmala loan from Japan International Cooperation. This loan is intended
Pariyojana Phase-I (Package-1). The bid project cost is `927 crore. to fund MTHL, which is a 21.8km, six-lane sea link road. The entity
has already granted contracts for the three civil packages of the
APSEZ FULLY UNLOCKS INDIA’S EASTErN HINTErLAND project. Package 1 is regarding construction of 10.38km-long
WITH `6,200 Cr ACQUISITION OF GANGAVArAM POrT bridge across the Mumbai Bay, Package 2 is on construction
Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest of 7.807-km long bridge across the Mumbai Bay. Package 3
private Ports & Logistics company and the flagship transportation features construction of 3.613-km long viaduct that includes
arm of the diversified Adani Group, has concluded acquisition interchanges at state highway 54 and national highway 4B near
of Government of Andhra Pradesh’s (GoAP) stake of 10.4% with a Chirle. The MMRDA is inviting sealed bids from eligible bidders
consideration of `645 Cr. for the construction of Package 4. The tender is basically for
The boards of APSEZ and GPL have also approved the merger of design, supply, installation, testing and commissioning of
GPL with APSEZ taking into consideration GPL’s valuation of Rs. 120 intelligent transport system, toll management, electrical works,
per share and fair value of APSEZ at `754.8 per share, resulting highway and bridge street lighting, construction of toll plazas and
in a swap ratio of 159 shares in APSEZ for 1,000 shares in GPL for administrative buildings, including the command control centre.

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