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The Shapoorji Pallonji Group (SP Group) on Tuesday (March 26) introduced the sale of its brownfield Gopalpur Port to Adani Ports and SEZ Ltd for an enterprise worth of Rs 3,350 crore, as a part of its deleveraging technique with deliberate asset monetisation.
The under-construction Gopalpur Port in Odisha was acquired in 2017 by the SP Group.
At the moment, it’s able to dealing with 20 MTPA. The port had just lately signed up with Petronet LNG for organising a greenfield LNG regasification terminal, including predictable long-term money flows for the port, the group mentioned in an announcement.
Second divestment for SP
The sale of the Gopalpur Port is the second port divestment in the previous couple of months from the SP Group, a diversified building and infrastructure, actual property and vitality conglomerate.
It had earlier divested its Dharamtar Port in Maharashtra to JSW Infrastructure Ltd for an enterprise worth of Rs 710 crore.
The group had acquired the Dharamtar Port in 2015 and had efficiently circled port operations, growing capability from lower than 1 MTPA, when it took over to an anticipated capability to deal with 5 MTPA in FY24.
Asset turnaround
“The deliberate divestments of Gopalpur Port and Dharamtar Port, at a big enterprise worth, reveal our group’s means to turn-around property and create stakeholder worth in a comparatively brief time frame, capitalising our core strengths in venture growth and building,” a Shapoorji Pallonji Group spokesperson mentioned.
The spokesperson additional mentioned, “These divestments are key milestones in our roadmap to cut back group debt and set the stage for development, profiting from the macro developments for demand in our core companies, each in India and abroad.” The SP Group has been a number of methods to cut back its debt, which has been reported to be round Rs 20,000 crore.
With company inputs
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