FILE PHOTO: Indian billionaire Gautam Adani
Credit: Reuters Photo
India's largest private port operator Adani Ports and Special Economic Zone said on Tuesday it will buy a 95 per cent stake in Odisha's Gopalpur Port for an equity value of Rs 1,349 crore to bolster its east coast presence.
Adani Ports will purchase a 56 per cent stake in Gopalpur Port from real-estate conglomerate Shapoorji Pallonji Group (SP Group) and a 39 per cent stake from Orissa Stevedores.
The enterprise value of the deal is Rs 30.80 billion or Rs 3,080 crore.
Gopalpur handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina.
"GPL (Gopalpur Port) will add to the Adani Group's pan-India port network, east coast vs west coast cargo volume parity and strengthen APSEZ's integrated logistics approach," said Karan Adani, managing director at Adani Ports.
Adani Ports and Special Economic Zone (APSEZ) develops and operates about 12 ports and terminals on the west and east coast of India.