Shapoorji Pallonji Group sells Gopalpur Port in Odisha to Adani Ports for ₹3,350 crore

Adani Group's Adani Ports and Special Economic Zone Ltd (APSEZ), one of India's largest ports and logistics firm, has entered into a definitive agreement to purchase 56 per cent stake of the SP Group and 39 per cent of Orissa Stevedores Limited (OSL) in Gopalpur Port Limited (GPL). The acquisition is made at an enterprise value of Rs 3,080 crore, and the transaction is subject to statutory approvals and fulfilment of other conditions precedents, as per company release.

Gopalpur port is located on the east coast of India and has the capacity to handle 20 MMTPA. The Odisha government awarded a 30-year concession to GPL in 2006, with the provision of two extensions of 10 years each.

As a deep draft, multi-cargo port, Gopalpur handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina. The port plays an important role in supporting the growth of mineral-based industries in its hinterland, like iron and steel, alumina and others. The concessionaire has full flexibility to design and expand the port as per the market demand. 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.