MUMBAI:
Adani Ports
will buy
Shapoorji Pallonji Group
‘s
Gopalpur Port
in
Odisha
for an enterprise value of Rs 3,080 crore, adding to its pan-India network and enhancing its cargo volume.
In addition to the enterprise value, there is a contingent consideration of Rs 270 crore to be payable after 5.5 years, subject to fulfilment of certain conditions as agreed with the sellers, Adani Ports said.
Adani Ports will buy 56% in Gopalpur Port, which has a capacity to handle 20 million metric tonnes annually, from SP and 39% from Orissa Stevedores. The remaining 5% will continue to be held by Orissa Stevedores, a source said.
Gopalpur Port is estimated to have an operating profit of Rs 232 crore and a revenue of Rs 520 crore in fiscal 2024. Odisha govt had awarded a 30-year concession to Gopalpur Port in 2006, with the provision of two extensions of 10 years each.
The port, which mainly caters to mineral-based industries like iron & steel and alumina, has received over 500 acres of land on lease for development, with an option to receive additional land on lease to meet future capacity expansions. Gopalpur Port came into the fold of SP after it acquired management control of the unit in 2017. That time, the port was at an under-construction stage. SP then built the port infrastructure, stabilised industrial relations and improved efficiencies.