Adani Ports has announced a major acquisition, revealing plans to purchase a 95% stake in Odisha’s Gopalpur Port. The deal, valued at ₹13.49 billion ($161.74 million), will see Adani Ports taking over a significant portion of the port’s ownership.
According to the details of the deal, with an enterprise value of ₹30.80 billion, Adani Ports will acquire a 56% stake in Gopalpur Port from real estate conglomerate Shapoorji Pallonji Group (SP Group) and a 39% stake from Orissa Stevedores.
Karan Adani, the managing director at Adani Ports, expressed enthusiasm about the acquisition, stating, “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.
Iron ore, coal, limestone, ilmenite, and alumina are among the dry bulk commodities that are handled by the Gopalpur Port in Odisha. On India’s east and west coasts, Adani Ports and Special Economic Zone (APSEZ) now manages about a dozen ports and terminals.
The Shapoorji Pallonji Group has divested from its second port in as many months with this deal. The real estate company previously paid JSW Infrastructure Limited ₹710 crore for the sale of its Dharamtar Port. Significant changes have occurred after the Shapoorji Pallonji Group purchased Gopalpur Port in 2017. After being built and developed, the port can now handle an astounding 20 million tonnes of freight yearly.
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 on our core strengths in project development and construction,” a company spokesperson said in response to questions about the company’s divestment strategy, as reported by Moneycontrol. Deutsche Bank provided advice to the Shapoorji Pallonji Group about this notable transaction, which represents a pivotal step in the Indian port and logistics industry. As Adani Ports grows its activities and position in the Indian marine sector, stay tuned for more information.
