Adani Group to accumulate Gopalpur Port in Odisha for Rs 3,080 cr; bolster its east coast presence

NEW DELHI: Port main Adani Group has elevated its presence on the east coast with Adani Ports coming into right into a definitive settlement to accumulate Gopalpur Port Restricted (GPL) at an enterprise worth of Rs 3,080 crore. Gopalpur is a road-rail related port with capability of 20 MMTPA and vital potential for growth.Adani Ports and Particular Financial Zone Ltd (APSEZ), India’s largest ports and logistics firm, will buy the 56% stake of SP Group and 39% of Orissa Stevedores Restricted (OSL) in GPL.The acquisition is anticipated to drive synergy with the key’s present ports and strengthen its presence on the East Coast. The transaction is topic to statutory approvals and fulfilment of different situations precedents.Odisha authorities had awarded a 30-year concession to GPL in 2006, with the supply of two extensions of 10 years every. Along with the enterprise worth acknowledged above there’s a contingent consideration of Rs 270 crore estimated to be payable after 5.5 years, topic to fulfilment of sure situations as agreed with the sellers.”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 & 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,” APSEZ stated in an announcement.APSEZ MD Karan Adani stated: “The acquisition of Gopalpur Port will allow us to deliver more integrated and enhanced solutions to our customers. Its location will allow us unprecedented access to the mining hubs of Odisha and neighboring states and allow us to expand our hinterland logistics footprint. GPL will add to the Adani Group’s pan-India port network, significantly enhance overall cargo volume, and strengthen APSEZ’s integrated logistics approach.”In FY’24, GPL is dealt with about 11.3 MMT cargo (YoY progress – 52%) and earn a income of Rs 520 crore (YoY progress – 39%) and obtain EBITDA of Rs 232 cr (YoY progress – 65%). APSEZ is India’s largest port developer and operator with seven strategically positioned ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and seven ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry, representing 27% of the nation’s whole port volumes. The corporate can be creating a transshipment port at Colombo and operates the Haifa Port in Israel. The corporate goals to be world’s largest ports and logistics platform within the subsequent decade.

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