Adani Ports to buy 95 Percent stake in Odisha's Gopalpur Port for $162 Million

By siliconindia  |  Tuesday, 26 March 2024, 08:39:52 AM IST

Adani Ports to buy 95 Percent stake in Odisha's Gopalpur Port for $162 Million
Adani Ports has announced its acquisition of a 95% stake in Odisha's Gopalpur Port at an equity valuation of 13.49 billion rupees ($161.74 million). Under the terms of the agreement, with an enterprise value of Rs 30.80 billion, Adani Ports will acquire 56% of Gopalpur Port from real-estate conglomerate Shapoorji Pallonji Group (SP Group) and 39% from Orissa Stevedores.
Karan Adani, managing director at Adani Ports, said, “GPL (Gopalpur Port) will add to the Adani Group's pan-India port network, east coast vs west coast cargo volume parity and strengthen APSEZ's integrated logistics approach”. Gopalpur Port manages dry bulk cargo such as iron ore, coal, limestone, ilmenite, and alumina. Adani Ports and Special Economic Zone (APSEZ) oversees approximately 12 ports and terminals situated along both the west and east coasts of India.
Shapoorji Pallonji Group has disclosed the sale of Gopalpur Port to Adani Ports and SEZ Ltd, marking its second port divestment in recent months. Previously, the conglomerate had sold Dharamtar Port to JSW Infrastructure Limited for Rs 710 crore. The acquisition of Gopalpur Port in Odisha took place in 2017, after which the Shapoorji Pallonji Group initiated port operations following the construction of infrastructure and the establishment of partnerships. Deutsche Bank provided advisory support to the Shapoorji Pallonji Group for this transaction.
The post can now handle 20 million tonnes of freight every year, it added. A spokesperson for the company said, “The planned divestments of Gopalpur Port and Dharamtar Port at a significant enterprise value demonstrate our Group’s ability to turn around assets and create stakeholder value in a relatively short period of time, capitalizing our core strengths in project development and construction".

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