Adani Ports Acquires Gopalpur Port for INR 3,080 Crore

Bhubaneswar: The Adani Ports and Special Economic Zone Ltd (APSEZ) has acquired Gopalpur Port Limited (GPL) for INR 3,080 crore. The acquisition, detailed in an exchange filing with the Bombay Stock Exchange, entails APSEZ obtaining a 95% stake in Gopalpur Ports Limited from existing shareholders. This includes a 56% stake from SP Port Maintenance Private Limited and a 39% stake from Orissa Stevedores Limited.

Gopalpur Port Limited, located on the east coast of India, is a deep draft, multi-cargo port known for handling various types of dry bulk and break bulk cargo. Its operations encompass a diverse mix of commodities, including iron ore, coal, limestone, ilmenite sand, and alumina. In the fiscal year 2022-23, GPL handled 7.4 million metric tons (MMT) of cargo with an operational revenue of INR 373 crore. The port boasts a capacity of 20 MMT and is estimated to handle approximately 11.3 MMT of cargo, earning an operational revenue of INR 520 crore in FY 2023-24.

The acquisition aligns with APSEZ’s strategic vision to enhance its ports and logistics capabilities. Karan Adani, Managing Director of APSEZ, highlighted the significance of the acquisition, stating that it will enable APSEZ to provide integrated solutions to customers while expanding its hinterland logistics footprint. With Gopalpur Port’s strategic location, APSEZ aims to leverage unprecedented access to mining hubs in Odisha and neighboring states, strengthening its pan-India port network.

GPL, awarded a 30-year concession by the Government of Odisha in 2006, holds the potential for further expansion and growth. The port’s connectivity with its hinterland through national Highway NH16 and a dedicated railway line enhances its accessibility and efficiency.

Looking ahead, APSEZ anticipates strong growth and margin expansion for Gopalpur Port in FY 2024-25. Opportunities for achieving higher operational efficiencies and infrastructural debottlenecking are already identified, indicating further value accretion for APSEZ shareholders.