Adani Ports and Special Economic Zone, India’s largest private port operator, has announced its acquisition of a 95% stake in Odisha’s Gopalpur Port for $161.74 million, aiming to strengthen its presence along the east coast.
The acquisition involves purchasing a 56% stake from real-estate conglomerate Shapoorji Pallonji Group (SP Group) and a 39% stake from Orissa Stevedores, amounting to a total equity value of 13.49 billion rupees ($161.74 million). The deal’s enterprise value stands at 30.80 billion rupees.
Gopalpur Port is known for handling various dry bulk cargo types, including iron ore, coal, limestone, ilmenite, and alumina.
Karan Adani, Managing Director at Adani Ports, expressed that the addition of Gopalpur Port to the Adani Group’s port network will contribute to achieving cargo volume parity between the east and west coasts of India, strengthening APSEZ’s integrated logistics approach.
Adani Ports and Special Economic Zone (APSEZ) presently operates approximately 12 ports and terminals across both the west and east coasts of India.
