Adani Ports and Special Economic Zone (APSEZ) has announced the acquisition of a majority stake in Odisha’s Gopalpur Port.
The flagship company of the Adani group is set to acquire a substantial 95 percent stake in Gopalpur Port. This acquisition involves purchasing 56 percent from Shapoorji Pallonji and 39 percent from Orissa Stevedores, amounting to an equity value of Rs 1,349 crore. However, the transaction is contingent upon regulatory approvals, as well as other formalities.
Shares of Adani Ports and Special Economic Zone have risen by 1.51 percent, or 19.40 points, reaching 1,300.95 following the announcement. This surge indicates a positive market sentiment towards the conglomerate’s strategic move into the port sector.
Karan Adani, the managing director at Adani Ports, expressed optimism about the acquisition, highlighting its significance in expanding the Adani Group’s port network across India. He emphasized that Gopalpur Port would contribute to achieving cargo volume parity between India’s east and west coasts, further enhancing APSEZ’s integrated logistics approach.
Gopalpur Port, situated between Paradip Port and Vizag Port, has been operational since 2015, primarily serving the country’s steel industry. The port handles a diverse range of dry bulk cargo, including coal, iron ore, limestone, and ilmenite. Connected to the Golden Quadrilateral via NH-516, Gopalpur Port boasts a capacity to handle around 20 million metric tonnes per annum (MMPTA) of cargo.
A spokesperson for the SP Group highlighted the strategic nature of the transaction, stressing upon the group’s ability to create stakeholder value through asset turnaround.
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