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New Delhi: Adani Ports and Particular Financial Zone on Tuesday (March 26) mentioned it’s trying to purchase a 95% stake in Odisha’s Gopalpur Port – an arm of Shapoorji Pallonji Group – for Rs 3,080 crore.
In keeping with Reuters, Adani Ports will buy a 56% stake in Gopalpur Port from Shapoorji Pallonji Group and a 39% stake from Orissa Stevedores.
Operational since 2015, Gopalpur Port holds strategic significance because it connects Paradip Port and Vizag Port with entry to the Golden Quadrilateral by means of NH-516. It provides glorious rail and street connectivity.
Gopalpur Port handles dry bulk cargo, resembling iron ore, coal, limestone, ilmenite, and alumina. Adani Ports develops and operates roughly 12 ports and terminals alongside the west and east coasts of India.
“GPL (Gopalpur Port) will add to the Adani Group’s pan-India port community, east coast vs west coast cargo quantity parity and strengthen APSEZ’s built-in logistics strategy,” Karan Adani, managing director at Adani Ports, informed Reuters.
Gopalpur Port and Petronet LNG have determined to construct a greenfield LNG regasification station, which is able to give the port regular, long-term money flows, the Group mentioned, per moneycontrol.
In keeping with Hindustan Times, that is the second port divestment in the previous couple of months from Shapoorji Pallonji Group, which had earlier sold its Dharamtar Port to JSW Infrastructure Restricted for Rs 710 crore.
In October 2023, the Financial Occasions reported that JSW Infrastructure had additionally expressed curiosity in shopping for Gopalpur Ports at an estimated enterprise worth of Rs 3,000 crore.
The information of the potential acquisition comes greater than a 12 months after US-based brief vendor Hindenburg Analysis accused the Adani Group of inventory manipulation and accounting fraud. These allegations are being investigated by the markets regulator Securities and Change Board of India (SEBI).
SEBI was anticipated to submit its last report on August 14 final 12 months, a deadline that had been prolonged a number of instances. Nonetheless, it’s nonetheless not clear when the regulator will submit its report.
The probe delves into the complexities surrounding overseas portfolio traders’ possession, considerations associated to company governance, resembling associated social gathering transactions, and auditors’ roles. Nonetheless, it was challenging even for the regulator to analyze a few of these points attributable to sure adjustments within the regulation made years in the past.
The Adani group had rejected all these allegations.
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