Adani Ports acquires 95% stake in Gopalpur Ports for Rs1,349 crore
27 Mar 2024
Adani Ports & Special Economic Zone Ltd (APSEZ) has acquired 95 per cent stake in Gopalpur Ports Ltd (GPL) in Odisha, at an enterprise value of Rs3,989 crore.
Adani Ports, India’s largest ports and logistics company, has entered into definitive agreements to acquire the 56 per cent stake of the SP Group and 39 per cent stake of Orissa Stevedores Limited (OSL) in Gopalpur Port, for a cash consideration of Rs1,349 crore.
Located on the east coast of India, Gopalpur Port has the capacity to handle 20 MMTPA. The port has a 30-year concession agreement signed with the Odisha government in 2006, with a provision for two further 10-year extensions.
Adani Ports expects the transaction to close by the first quarter of 2025, subject to approval from the Commerce and Transport Department of Odisha government.
Gopalpur Port, a deep draft, multi-cargo port, handles various types of dry bulk and break bulk cargo and has an annual capacity of 20 million tonnes. It handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite sand and alumina.
The port handled t handled 7.4 million tonnes of cargo in the financial year 2023 and is estimated to handle 11.3 million tonnes in the current financial year, with revenue inflow of Rs520 crore.
Adani Ports reported a 33 per cent growth in cargo volume in February and said it is on track to surpass that in financial year 2024.
For the first 11 months of the current financial year, the company handled 382 million tonnes of cargo.
.webp)
