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

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AHMEDABAD:

Adani Ports and Particular Financial Zone (APSEZ), the ports and logistics arm of Gautam Adani-owned Adani Group on Tuesday introduced it has acquired a controlling 95% stake in Odisha-based Gopalpur Port. APSEZ has agreed to accumulate the stake for an fairness worth of Rs 1,349 crore and an enterprise worth of Rs 3,080 crore.
The transfer will assist increase APSEZ’s presence alongside the japanese coast of India.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.
Gopalpur port is situated on the east coast of India and has the capability to deal with 20 MMTPA.
As a deep draft, multi-cargo port, Gopalpur handles a various mixture of dry bulk cargo, together with iron ore, coal, limestone, ilmenite, and alumina. The port performs an essential function in supporting the expansion of mineral-based industries in its hinterland, like iron & metal, alumina, and others. The concessionaire has full flexibility to design and increase the port as per the market demand.
Karan Adani, MD, APSEZ, stated, “The acquisition of Gopalpur Port will permit us to ship extra built-in and enhanced options to our clients. Its location will permit us unprecedented entry to the mining hubs of Odisha and neighbouring states and permit us to increase our hinterland logistics footprint.”

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