Adani Ports bought Gopalpur port in Odisha for Rs 3350 crore
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New Delhi: Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said it has entered into definitive agreements to acquire SP Group’s 56 per cent stake in Gopalpur Port Ltd (GPL) and 39 per cent stake in Orissa Stevedores Ltd (OSL) in Odisha. Are.
“This acquisition values the company at Rs 3,080 crore,” APSEZ said in a release. “The deal will be implemented subject to receipt of statutory approvals and fulfillment of certain other conditions.”
The release said that in this deal, apart from the payment to be made based on the current valuation of the company, the Adani Group company will also have to pay Rs 270 crore after five and a half years. This payment will be payable upon fulfillment of certain conditions as agreed with the sellers.
Gopalpur Port is located on the east coast of India and has a cargo handling capacity of 20 million tonnes per annum (MMTPA). The Government of Odisha has given a concession of 30 years to GPL in 2006 and it can be extended twice for ten years each.
Gopalpur Port is well connected to major hinterland through National Highway No. 16. The port is also connected to the Chennai-Howrah main railway line through its own separate railway line.
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