Last Updated: March 26, 2024, 12:14 IST
Shapoorji Pallonji Group will unload its stake in Odisha Gopalpur Port to Adani Ports
Shapoorji Pallonji Group will unload its stake in Odisha Gopalpur Port to Adani Ports for an enterprise worth of Rs 3,350 crore
The Shapoorji Pallonji Group is about to unload its brownfield Gopalpur Port in Odisha to Adani Ports and SEZ Ltd. for an enterprise worth of Rs 3,350 crore. As per the deal particulars, Adani Ports will purchase a complete of a 95 per cent stake within the port for an fairness worth of Rs 1,349 crore, together with 56 per cent from Shapoorji Pallonji Group and 39 per cent stake from Stevedores. Speaking on the identical, Karan Adani, managing director at Adani Ports, stated in a press release, “Gopalpur Port will add to the Adani Group’s pan-India port network, increase east coast vs west coast cargo volume parity, and strengthen APSEZ’s integrated logistics approach.”
Similarly, a spokesperson for the actual property conglomerate defined that the deliberate divestments of Gopalpur Port and Dharamtar Port at important enterprise worth present the group’s means to show round property and create stakeholder worth in a comparatively brief time, capitalising the corporate’s core strengths in mission growth and building.
Notably, whereas the Gopalpur Port is thought for its dealing with of bulk cargo together with iron ore, coal, limestone, ilmenite, and alumina, Adani Ports and the Special Economic Zone (APSEZ) function round 12 ports and terminals on the west and east coasts of India.
More particulars concerning the deal
The sale of the Gopalpur Port to Adani Ports and SEZ Ltd. comes months after Shapoorji Pallonji Group bought one other of its ports. The actual property firm beforehand bought off its Dharamtar Port to JSW Infrastructure Limited for Rs 710 crore. Earlier, it was reported that SP Group has initiated talks with non-public fairness companies to promote its stake within the Gopalpur Port and likewise part of its shareholding in infrastructure growth companies, Afcons Infrastructure.
Talking concerning the latest sale, Shapoorji Pallonji Group acquired it in 2017 and began port operations after establishing the port’s infrastructure and establishing ties. Presently, the port is able to dealing with 20 million tonnes of freight yearly and runs at excessive-effectivity ranges. Besides, the Gopalpur Port and Petronet LNG have additionally determined to construct a greenfield LNG regasification station, which can present the port with regular and lengthy-time period money flows.
Meanwhile, recommendation to unload the port was given by Deutsche Bank.
