Adani Ports buys Odisha’s Gopalpur Port for Rs 3,080 cr

Adani Ports and Particular Financial Zone Ltd (APSEZ) on Tuesday mentioned it has acquired 56 per cent stake of the SP Group and 39 per cent of Orissa Stevedores Restricted (OSL) in Gopalpur Port Restricted (GPL) for Rs 3,080 crore.

Gopalpur port is situated on the east coast of the nation and has the capability to deal with 20 MMTPA (million metric tonne every year).

The Odisha authorities awarded a 30-year concession to GPL in 2006, with the supply of two extensions of 10 years every.

Along with the enterprise worth, there’s a contingent consideration of Rs 270 crore estimated to be payable after 5.5 years, topic to fulfilment of sure circumstances as agreed with the sellers, mentioned the corporate.

“The acquisition of Gopalpur Port will enable us to ship extra built-in and enhanced options to our clients. Its location will enable us unprecedented entry to the mining hubs of Odisha and neighbouring states and permit us to develop our hinterland logistics footprint,” mentioned Karan Adani, Managing Director of APSEZ.

“GPL will add to the Adani Group’s pan-India port community, considerably improve total cargo quantity, and strengthen APSEZ’s built-in logistics method,” Karan Adani added.

The port performs an necessary function in supporting the expansion of mineral-based industries in its hinterland, like iron and metal, alumina and others. The concessionaire has full flexibility to design and develop the port as per the market demand.

GPL has acquired greater than 500 acres of land on lease for growth, with an choice to obtain extra land on lease to satisfy future capability expansions, in accordance with the corporate.

The port is effectively related with its hinterland by means of the nationwide Freeway NH16 and a devoted railway line connects the port with the Chennai-Howrah primary line.

In FY24, GPL is estimated to deal with about 11.3 MMT cargo (YoY progress of 52 per cent) and earn a income of Rs 520 crore (YoY progress 39 per cent) and obtain EBITDA of Rs 232 crore (YoY progress 65 per cent).

APSEZ, part of the globally diversified Adani Group, is the most important port developer and operator in India with seven strategically situated ports and terminals on the west coast, and 7 ports and terminals on the east coast.

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