Adani Ports buys Gopalpur Port of Odisha for Rs 3,080 crore
Odisha: Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said it has acquired SP Group’s 56 per cent stake in Gopalpur Port Ltd (GPL) and 39 per cent stake in Orissa Stevedores Ltd (OSL) for Rs 3,080 crore. .
Gopalpur port is located on the east coast of the country and has a capacity to handle 20 MMTPA (million metric tonnes per annum).
The Government of Odisha granted a 30-year concession to GPL in 2006, with a provision for two extensions of 10 years each.
The company said that in addition to the enterprise value, a contingent payment of Rs 270 crore will be payable after 5.5 years, subject to the fulfillment of certain conditions as agreed with the sellers.
Karan Adani said, “The acquisition of Gopalpur port will allow us to provide more integrated and advanced solutions to our customers. Its location will give us unprecedented access to the mining hubs of Odisha and neighboring states and will allow us to expand our hinterland logistics footprint. Will allow to do.” , Managing Director of APSEZ.
Karan Adani said, “GPL will connect the Adani Group’s pan-India port network, significantly increase overall cargo volumes and strengthen the integrated logistics approach of the APSEZ.”
The port plays an important role in supporting the development of mineral-based industries such as iron and steel, alumina and others in its hinterland. The concessionaire has complete flexibility to design and expand the port as per market demand.
According to the company, GPL has received over 500 acres of land on lease for development, with an option to acquire additional land on lease to meet future capacity expansion.
The port is well connected to its hinterland through the National Highway NH16 and a dedicated railway line connects the port to the Chennai-Howrah main line.
In FY24, GPL is projected to handle approximately 11.3 MMT cargo (YoY growth 52 per cent) and generate revenue of Rs 520 crore (YoY growth 39 per cent) and EBITDA of Rs 232 crore (YoY growth 65 per cent).
APSEZ, a part of the globally diversified Adani Group, is the largest port developer and operator in India with seven ports and terminals strategically located on the west coast and seven ports and terminals on the east coast.
