Commercial ports operator Adani Ports and Special Economic Zone (APSEZ) acquired a 95% stake in Gopalpur Port (GPL) on Tuesday, for an equity value of ₹3,080 crore ($369.6 million).
The deal involved acquiring a 56% stake from Shapoorji Pallonji (SP) Port Maintenance and a 39% stake from Orissa Stevedores of GPL. The company also said Gopalpur Ports is projected to carry 11.3 million metric tons (MMT) of cargo and generate ₹520 crore in operational revenue by 2024.
“The acquisition of Gopalpur Port will allow us to deliver more integrated and enhanced solutions to our customers,” said Karan Adani, Managing Director of APSEZ and added, “Its location will allow us unprecedented access to the mining hubs of Odisha and neighboring states and allow us to expand our hinterland logistics footprint.”
“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,” added Adani.
In March 2023, the company reported, APSEZ’s revenue and EBITDA had grown at a compound annual growth rate (CAGR) of 16-18% during the previous five years, while the company’s domestic market share increased by 800 basis points (bps) to 24% in the financial year (FY) 2023.
APSEZ invested over ₹27,000 crore in FY2023, including six major acquisitions worth ₹18,000 crore and organic spending of around ₹9,000 crore.
Earlier this year, Adani Green Energy (AGEL) operationalized a cumulative capacity of 1,000 megawatts (MW) solar energy project at renewable energy park at Khavda, Gujarat.
At the point of conversion, $1 = ₹83.34
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