26-Mar-2024
2 mins read
Adani Ports said on Tuesday, January 26, that the company will acquire a 95% stake in Gopalpur Port for an equity value of Rs 1,349 crore. The Gopalpur Port is located in Odisha, the step taken by the Adani Ports to strengthen its east coast footprint.
India’s largest sector private operator, Adani Ports will purchase a 56% stake in Gopalpur Port from Shapoorji Pallonji Group. The remaining 39% will be purchased from Orissa Stevedores.
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Adani Ports On Way To Expansion
This purchase will increase the presence of Adani Port business. Also, Gopalpur Port will be added to the Adani Group’s Pan India port network. The port handles a mix of dry bulk cargo, including iron ore, coal, limestone etc.
A spokesperson for SP Group said that the planned divestments of Gopalpur Port and Dharampur Port at enterprise value show the group's ability to turn around assets. This will create stakeholder value in a short period and capitalize on core strengths in project development and construction.
In 2017, Shapoorji Pallonji Group acquired a port and started operations after building infrastructure and establishing stable ties. The port can handle 20 million tonnes of freight a year and runs at high efficiency.
The Gopalpur Port and Petronet LNG have decided to build a greenfield LNG regasification station. It will give the port steady and long-term cash flow.
On Tuesday, March 26, 2024, Adani Ports's share price was Rs 1300.65, rising 1.49% intraday. The news of the acquisition positively impacted the stock price; it seems investors are happy with the deal.
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