Overview Of Acquisition:
Gautam Adani is all set to buy a 95% stake in Odisha’s Gopalpur Port for INR 1,349 Crore. According to the reports, the Adani group has dealed with the Shapoorji Pallonji Group for 56% and a 39% cent stake from Stevedores.
Karan Adani (managing director at Adani Ports) in a statement said, “Gopalpur Port will add to the Adani Group’s pan-India port network, increase east coast vs west coast cargo volume parity, and strengthen APSEZ’s integrated logistics approach.”
Odisha’s Gopalpur Port:
Gopalpur port is a deep sea port of Gopalpur near Brahmapur city in Ganjam District, Odisha, India. This port is located on the bank of the Bay of Bengal.
Gopalpur started its operations in 2013 as an all-weather port, on a trial basis. The Odisha government in 2006 awarded a 30-year concession to GPL, providing two extensions of 10 years.
The Port currently only holds diverse 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 per market demand. GPL has received more than 500 acres of land on lease for development, with an option to receive additional land on lease to meet future capacity expansions,” APSEZ said in a release.
GPL in Fy24 will likely handle cargo of around 11.3 MMT (Multi-modal Transportation of Goods), at a revenue of Rs 520 Crores.
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