Adani Ports buys Shapoorji Pallonji Group’s Gopalpur Port for Rs 3080 crore

The Gujarat-based Adani Ports and Special Economic Zone (APSEZ) Ltd said on Tuesday it has acquired the Gopalpur Port in Odisha for Rs 3080 crore, buying a 56 per cent stake of the Shapoorji Pallonji Group and 39 per cent of Orissa Stevedores Limited in Gopalpur Port Limited (GPL). In a statement, the Adani Group, India’s largest private port operator, said the transaction is subject to statutory approvals and fulfilment of other conditions precedents. Located on the east coast of India, Gopalpur Port can handle 20 million metric tonnes per annum (MMTPA) of cargo. Gopalpur, a deep draft, multi-cargo port, handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina. GPL has received more than 500 acres of land on lease for development, with an option to receive additional land on lease to meet future capacity expansions. The Odisha Government awarded a 30-year concession to GPL in 2006, with the provision of two extensions of 10 years each, the Adani statement said.