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Adani Ports to Acquire Odisha’s Gopalpur Port for Rs 3,080 Crore

Gopalpur Port

In a significant move to bolster its presence on the east coast, the Adani Group has entered into a definitive agreement to acquire Gopalpur Port Limited (GPL) in Odisha. The acquisition comes at an impressive enterprise value of Rs 3,080 crore.

About Gopalpur Port

  • Gopalpur Port is a strategically located road-rail connected port with a current capacity of 20 million metric tons per annum (MMTPA).
  • It boasts significant potential for expansion, making it an attractive asset for Adani Group’s growth plans.

Acquisition Details

  • Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest ports and logistics company, will acquire the following stakes in GPL:
    • 56% stake from the SP Group.
    • 39% stake from Orissa Stevedores Limited (OSL).

Synergy and Strengthening Presence

  • The acquisition is expected to drive synergy with Adani Group’s existing ports and strengthen its footprint on the East Coast.
  • The transaction is subject to statutory approvals and fulfillment of other conditions precedents.

Concession and Future Prospects

  • The Odisha government had awarded a 30-year concession to GPL in 2006, with provisions for two extensions of 10 years each.
  • In addition to the enterprise value, there is a contingent consideration of Rs 270 crore, estimated to be payable after 5.5 years, subject to fulfillment of certain conditions agreed with the sellers.

Role of Gopalpur Port

  • As a deep draft, multi-cargo port, Gopalpur handles a diverse mix of dry bulk cargo, including:
    • Iron ore
    • Coal
    • Limestone
    • Ilmenite
    • Alumina
  • The port plays a crucial role in supporting the growth of mineral-based industries in its hinterland, such as iron and steel, alumina, and others.
  • GPL has received over 500 acres of land on lease for development, with an option for additional land to meet future capacity expansions.

Adani Group’s Vision

  • APSEZ MD Karan Adani expressed enthusiasm about the acquisition, stating:
    • “The acquisition of Gopalpur Port will allow us to deliver more integrated and enhanced solutions to our customers.”
    • “Its location will give us unprecedented access to the mining hubs of Odisha and neighboring states, expanding our hinterland logistics footprint.”
    • “GPL will add to the Adani Group’s pan-India port network, significantly enhancing overall cargo volume and strengthening APSEZ’s integrated logistics approach.”

The acquisition of Gopalpur Port marks another milestone for the Adani Group as it continues to expand its presence in critical sectors across India. With this strategic move, Adani Ports aims to further consolidate its position as a key player in the country’s port and logistics landscape3.

Disclaimer: This article is based on factual information available at the time of writing. Any subsequent developments or changes may not be reflected here. 📰🌐

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