"Adani Ports to Acquire 95% Stake in Odisha's Gopalpur Port for $162 Million"

Adani Ports and Special Economic Zone, India's largest private port operator, announced on Tuesday its acquisition of a 95% stake in Odisha's Gopalpur Port for an equity value of Rs. 1,349 crore ($161.74 million), aimed at enhancing its presence on the east coast.

The acquisition involves Adani Ports purchasing a 56% stake from the real-estate conglomerate Shapoorji Pallonji Group (SP Group) and a 39% stake from Orissa Stevedores, totaling a deal enterprise value of 30.80 billion rupees.

Gopalpur Port is renowned for handling a diverse array of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina.

Karan Adani, Managing Director at Adani Ports, highlighted the significance of this acquisition, stating that Gopalpur Port will augment the Adani Group's extensive port network across India, contribute to achieving cargo volume parity between the east and west coasts, and reinforce APSEZ's integrated logistics approach.

Adani Ports and Special Economic Zone (APSEZ) currently operates approximately 12 ports and terminals across both the west and east coasts of India.

BS