The state government has cleared the disinvestment proposal of Gangavaram Port Ltd (GPL) and approved the recommendations of the empowered group of secretaries (EGoS), allowing Adani ports and special economic zone (APSEZ) to acquire it.

The government issued a gazette notification on Friday giving its clearance to the , and also authorised the chief executive officer of AP maritime board to take further action on the disinvestment proposal. The EGoS, comprising six senior Ias officers, was constituted on June 4 to implement the entire process of disinvestment and merger of GPL with APSEZ.

The EGoS had submitted its report and recommendations to the State Government in August, which has now been approved. The government has appointed a SEBI-registered valuation advisor (KPMG), a legal advisor (JSA Associates) and a transaction advisor (Grant Thornton) to assist the EGoS in the disinvestment process. In addition to these firms,SBICAPShas been engaged as financial advisor and Shardul Amarchand Mangaldas as legal advisor.

The government has also created a special purpose company on May 25 to execute the sale and transfer of government Shares in GPL.