Adani Ports and Special Economic Zone on Monday said it has acquired 95 per cent stake in Odisha’s Gopalpur Port. This acquisition comes with an equity value of Rs 13.49 billion (USD 161.74 million).
The acquisition entails the purchase of a 56 per cent stake in Gopalpur Port from real-estate conglomerate Shapoorji Pallonji Group (SP Group), along with a 39 per cent stake from Orissa Stevedores, amounting to an enterprise value of Rs 30.80 billion.
Gopalpur Port is known for its handling of diverse dry bulk cargoes including iron ore, coal, limestone, ilmenite and alumina. It presents an opportunity for Adani Ports to diversify and strengthen its operational portfolio.
“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,” said Karan Adani, managing director at Adani Ports, in a statement.
Adani Ports and Special Economic Zone (APSEZ) currently operates around 12 ports and terminals across both the west and east coasts of India.
