Gautam Adani made another big deal, acquired Gopalpur Port for Rs 3,080 crore.

Ahmedabad (Uttam Hindu News): Adani Ports and Special Economic Zone Ltd (AGSEZ) on Tuesday said it has acquired Odisha-based Gopalpur Port for Rs 3,080 crore. In this agreement, the company has agreed to purchase 56 percent stake of SP Group in Gopalpur Port Limited (GPL) and 39 percent stake of Orissa Stevedores Limited (OSL).

Gopalpur Port is located on the east coast of the country and has a capacity to handle 20 MMTPA (million metric tonnes per annum). The Odisha government had given exemption for 30 years to Gopalpur Port Limited in the year 2006, according to the agreement this exemption can be extended twice for 10 years each.

Managing Director of the company, Karan Adani said, with the acquisition of Gopalpur Port, we will be able to provide more integrated and better facilities to our customers. This will give us unprecedented access to the mining areas of Odisha and neighboring states. This will also help us in increasing the logistics footprint in remote areas.

Karan Adani said, GPL will connect Adani Group’s pan India port network, significantly increasing overall cargo volumes and strengthening the integrated logistics approach of APSEZ. According to the company, GPL has received over 500 acres of land on lease for development, with an option to acquire additional land on lease to meet future capacity expansion.

The port is well connected to its hinterland through the National Highway NH16 and the railway line connects the port to the Chennai-Howrah main line. Adani Ports said it is expected to handle 11.3 MMT cargo in the current financial year and is expected to generate revenue of Rs 520 crore.