Jindal Steel Acquires 60% Stake In Gopalpur Port Project

OP Jindal's Jindal Steel & Power Ltd is set to acquire 60% stake in Gopalpur Ports Ltd from Sara International Ltd and Orissa Stevedores Ltd. The value of the deal was not disclosed.

JSPL will buy Sara International's 50% stake and Orissa Stevedores 10% stake in Gopalpur Ports.

Gopalpur Ports Ltd was formed in 2006 as a 50:50JV between Sara International and Orissa Stevedores to build a new port at Gopalpur.

The port project was awarded by the Orissa government in September 2006 for development and operations for an initial period of 30 years and extendable by another 20 years to Gopalpur Port, then a consortium of three companies- Orissa Stevedores, Sara International and Noble group.

Hongkong based Noble Group withdrew from the port project in May 2010.