Home » Business » Adani Group has increased its presence on the east coast by acquire 95 percent stake in Odisha’s Gopalpur Port Limited

Adani Group has increased its presence on the east coast by acquire 95 percent stake in Odisha’s Gopalpur Port Limited

Bhubaneswar: 26/3/24: Adani Group has increased its presence on the east coast by entering into a definitive agreement to acquire 95 percent stake in Odisha’s Gopalpur Port Limited (GPL) for an equity value of Rs 1,349 crore.

In a regulatory filing, Adani Ports and Special Economic Zone (APSEZ) on Tuesday said that it has entered into an agreement to purchase 56 percent stake of the SP Group and 39 percent of Orissa Stevedores Limited (OSL) in Gopalpur Port Limited (GPL). The acquisition is being made at an enterprise value of Rs 3,080 crore.

In addition to the enterprise value there is a contingent consideration of Rs 270 crore estimated to be payable after 5.5 years, subject to fulfillment of certain conditions as agreed with the sellers.

The acquisition is expected to drive synergy with the major’s existing ports and strengthen its presence on the East Coast. “GPL will add to the Adani Group’s pan-India port network, east coast vs west coast cargo volume parity and strengthen APSEZ’s integrated logistics approach,” managing director at Adani Ports Karan Adani was quoted as saying.

Gopalpur port, a deep draft, multi-cargo port, can handle 20 MMTPA diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina. The 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 government of Odisha awarded a 30-year concession to GPL in 2006, with the provision of two extensions of 10 years each. The statement said that the concessionaire has full flexibility to design and expand the port as per the market demand. The port is well connected with its hinterland through the national Highway NH16 and a dedicated railway line connects the port with the Chennai-Howrah main line.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
x

Check Also

Eminent Odia theatre writer and director Satchi Das Das passed away

Jajpur: 18/4/24:Eminent Odia theatre writer, director, and cine actor Sachi Das passed away today following a prolonged illness. He was 91. According to sources, Dr Sachi Das breathed his last ...