APSEZ enters into agreement for acquisition of 95 per cent stake in Gopalpur port

Adani Ports and Special Economic Zone Limited (APSEZ) entered into a definitive agreement for acquisition of a 95 per cent stake in the Gopalpur Port Limited (GPL) on March 25, 2024. The stake has been acquired from SP Port Maintenance Private Limited (Shapoorji Pallonji Group) (56 per cent) and Orissa Stevedores Limited (39 per cent). The acquisition is expected to be completed by March 2025 at an estimated cost of Rs 13.49 billion, with an enterprise value of Rs 30.8 billion. Orissa Stevedores Limited will continue to be a JV partner with a 5 per cent stake after the acquisition. Gopalpur Port is a deep draft, multi-cargo port, which handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite sand, and alumina. It handled 7.4 mt of cargo in FY 2023 and is estimated to handle about 11.3 mt of cargo during FY 2024.