Adani ports to acquires 95% stake in Gopalpur port

26 Mar 2024 CW Team

Adani Ports and Special Economic Zone have decided to purchase a 95% stake in Gopalpur Port in Odisha, valued at Rs 13.49 billion, to strengthen their presence on the east coast. They will also acquire a 56% stake from the Shapoorji Pallonji Group (SP Group) and a 39% stake from Orissa Stevedores.

Karan Adani, the managing director at Adani Ports, stated that acquiring Gopalpur Port will contribute to the Adani Group's nationwide port network. This will balance cargo volume between the east and west coasts and reinforce APSEZ's integrated logistics strategy.

Reports suggest that Gopalpur Port handles various dry bulk cargo types, including iron ore, coal, limestone, ilmenite, and alumina. The SP Group's spokesperson stated that the planned divestment of Gopalpur Port reflects their group's ability to enhance assets and generate stakeholder value within a short timeframe, leveraging their expertise in project development and construction.

The SP Group acquired the port in 2017, investing in infrastructure and forging strong industry partnerships. Gopalpur Port now boasts a capacity to handle 20 million tonnes of freight annually, operating with high efficiency levels. Gopalpur Port and Petronet LNG have also decided to collaborate on constructing a greenfield LNG regasification station, expected to generate steady, long-term cash flows for the port.

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