Adani Ports and Special Economic Zone will acquire a 95% stake in Odisha's Gopalpur Port (GPL) for a value worth Rs 1,349 crore and a venture worth Rs 3,080 crore to support its east coast presence, the organization said.
Moreover, notwithstanding the firm's value, the organization said there is a contingent thought of Rs 270 crore, which will probably be payable after 5.5 years, depending upon specific circumstances. APSEZ, India's biggest confidential port operator, will obtain a 56 percent stake in Gopalpur Port from real-estate conglomerate Shapoorji Pallonji Group (SP Group) and a 39 percent stake from Orissa Stevedores.
Shares of APSEZ were exchanging with gains of around 1.3 percent starting around 10 am, while benchmark files were generally down 0.3 percent. The port on India's east coast can deal with around 20 MMTPA. The Odisha government 2006 granted a 30-year concession to GPL, with two expansions of 10 years each.
The port handles a different blend of dry mass freight, including iron mineral, coal, limestone, ilmenite, and alumina.
"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 at Adani Ports.
APSEZ creates and works around 12 ports and terminals on India's west and east bank.
