Adani Ports acquires 95% stake in Odisha’s Gopalpur Port at Rs 3,080 crore

AHMEDABAD:

Adani Ports and Special Economic Zone (APSEZ), the ports and logistics arm of Gautam Adani-owned Adani Group on Tuesday announced it has acquired a controlling 95% stake in Odisha-based Gopalpur Port. APSEZ has agreed to acquire the stake for an equity value of Rs 1,349 crore and an enterprise value of Rs 3,080 crore.
The move will help boost APSEZ’s presence along the eastern coast of India.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 fulfilment of certain conditions as agreed with the sellers.
Gopalpur port is located on the east coast of India and has the capacity to handle 20 MMTPA.
As a deep draft, multi-cargo port, Gopalpur handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina. The port plays an important role in supporting the growth of mineral-based industries in its hinterland, like iron & steel, alumina, and others. The concessionaire has full flexibility to design and expand the port as per the market demand.
Karan Adani, MD, APSEZ, said, “The acquisition of Gopalpur Port will allow us to deliver more integrated and enhanced solutions to our customers. Its location will allow us unprecedented access to the mining hubs of Odisha and neighbouring states and allow us to expand our hinterland logistics footprint.”