Adani Ports Takes Over Gopalpur Port for Rs 3500 Crore
New Delhi: Adani Ports and SEZ Ltd acquired Odisha’s Gopalpur Port for Rs 3,500 crore from the Shapoorji Pallonji Group.
“The under construction Gopalpur Port, located in Odisha, was acquired in 2017, with significant issues hampering its development. Post acquisition, the Shapoorji Pallonji Group commenced port operations by building the port infrastructure and stabilizing industrial relations,” the Shapoorji Pallonji Group said in a statement issued on March 26.
APSEZ, India’s largest private port operator, will be acquiring a 56 per cent stake in Gopalpur Port from real-estate conglomerate Shapoorji Pallonji Group (SP Group) and a 39 per cent stake from Orissa Stevedores.
Billionaire Gautam Adani headed Adani Ports and Special Economic Zone will buy a 95% stake in Odisha’s Gopalpur Port (GPL) for an equity value of Rs 1,349 crore and enterprise value of Rs 3,080 crore to boost its east coast presence, the company said in a press release on Tuesday.
Furthermore, in addition to the enterprise value, the company said there is a contingent consideration of Rs 270 crore which is likely to be payable after 5.5 years, subject to certain conditions.
APSEZ develops and operates about 12 ports and terminals on the west and east coast of India.
