Adani Ports and Special Economic Zone (APSEZ) on Tuesday announced the acqusition of a 95 per cent stake in Odisha's Gopalpur Port from Shapoorji Pallonji (SP) Group and Orissa Stevedores.
Of the 95 per cent stake purchased by the country's largest private port operator, 56 per cent is from the SP Group and 39 per cent from Orissa Stevedores. The equity value of the acquistion is pegged at Rs 1,349 crore and the enterprise value of the deal is around Rs 3,080 crore.
Gopalpur Port handles dry bulk cargo, including iron ore, coal, limeston, ilmenite and alumina. Addition of the GPL is expected to boost the eastern coast presence of Adani Ports which is developing and operating 12 ports and terminals on both coasts of the peninsula.
"GPL (Gopalpur Port) 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," said Karan Adani, managing director, APSEZ.
APSEZ stock touched the intraday high of Rs 1,308 per share around 9.30 am. In the previous close on March 22, the stock closed at Rs 1276.70 per share.
