The Government Order issued by the Andhra Pradesh government to sell its stake in the Gangavaram port was challenged at the High Court on Wednesday. Finding fault with the G.O, a PIL was filed at the Court and High Court served notices asking for an explanation for the decision.
A person named Narayana, who hails from Hyderabad has filed the public interest litigation against the G.O to sell the state governmentâs stake in the Gangavaram port. The division bench of the High Court heard the petition and added Centre, Adani Ports Special Economic Zone (APSEZ), CEO Karan Adani as the respondents in the case. The petition had knocked on the doors of the Andhra Pradesh High Court challenging the government's proposal to sell the stakes.
The High Court directed the Andhra Pradesh government to give an explanation on why it had decided to sell its stakes. The next hearing was adjourned for three weeks by the Court directing the respondents to give their response.
The Andhra Pradesh government received notices on selling the government's stake in Krishnapatnam Port. Asking to give the response, the Andhra Pradesh High Court said both petitions would be heard three weeks after.
The Krishnapatnam port in Andhra Pradesh is fully owned by the Gujarat-based Adani group. The conglomerate had acquired a 25 percent stake in the port, taking full control of the port. In 2020, Adani Group acquired 75 percent of the stake.
To purchase the 25 percent of stakes of the Krishnapatnam Port, the Adani Group had spent a whopping Rs 2,800 crore. In total, the group had spent 13,675 crores to get full control of the port. Adani Group said they are aiming to increase cargo parity between the west and east coasts of the country.
On the other hand, the Adani Ports Special Economic Zone (APSEZ) holds as much as 89.61 percent of the stake in the Gangavaram port. In March 2021, the Adani group made two purchases in stakes. Adani group purchased 58.1 percent and 31.5 percent stakes two times respectively.
The sale of the stakes in the assets was necessitated after the Union Government had started a plan to privatise the assets to raise funds to improve the infrastructure in the country.
A person named Narayana, who hails from Hyderabad has filed the public interest litigation against the G.O to sell the state governmentâs stake in the Gangavaram port. The division bench of the High Court heard the petition and added Centre, Adani Ports Special Economic Zone (APSEZ), CEO Karan Adani as the respondents in the case. The petition had knocked on the doors of the Andhra Pradesh High Court challenging the government's proposal to sell the stakes.
The High Court directed the Andhra Pradesh government to give an explanation on why it had decided to sell its stakes. The next hearing was adjourned for three weeks by the Court directing the respondents to give their response.
The Andhra Pradesh government received notices on selling the government's stake in Krishnapatnam Port. Asking to give the response, the Andhra Pradesh High Court said both petitions would be heard three weeks after.
The Krishnapatnam port in Andhra Pradesh is fully owned by the Gujarat-based Adani group. The conglomerate had acquired a 25 percent stake in the port, taking full control of the port. In 2020, Adani Group acquired 75 percent of the stake.
To purchase the 25 percent of stakes of the Krishnapatnam Port, the Adani Group had spent a whopping Rs 2,800 crore. In total, the group had spent 13,675 crores to get full control of the port. Adani Group said they are aiming to increase cargo parity between the west and east coasts of the country.
On the other hand, the Adani Ports Special Economic Zone (APSEZ) holds as much as 89.61 percent of the stake in the Gangavaram port. In March 2021, the Adani group made two purchases in stakes. Adani group purchased 58.1 percent and 31.5 percent stakes two times respectively.
The sale of the stakes in the assets was necessitated after the Union Government had started a plan to privatise the assets to raise funds to improve the infrastructure in the country.