In a significant move, Adani Ports and Special Economic Zone Ltd (APSEZ) announced its acquisition of a majority stake in Gopalpur Port Limited (GPL) in Odisha. The acquisition entails APSEZ acquiring 56% stake of the SP Group and 39% stake of Orissa Stevedores Limited (OSL) in GPL, amounting to Rs 3,080 crore.
Gopalpur Port, located on the east coast of India, boasts a handling capacity of 20 million metric tonnes per annum (MMTPA). Awarded a 30-year concession by the Odisha government in 2006, with provisions for extensions, GPL stands as a crucial player in supporting mineral-based industries in its hinterland, including iron and steel, alumina, among others.
The acquisition is not only seen as a strategic move to enhance APSEZ’s port network but also to bolster its integrated logistics approach. Karan Adani, Managing Director of APSEZ, emphasized the significance of this acquisition, highlighting the unprecedented access it provides to mining hubs in Odisha and neighboring states.
Furthermore, GPL’s strategic location, well-connected infrastructure, and flexibility for expansion align with APSEZ’s vision to deliver enhanced solutions to its customers and strengthen its overall cargo volume. The port’s connectivity through national highways and dedicated railway lines further enhances its accessibility and potential for growth.
With GPL estimated to handle approximately 11.3 million metric tonnes of cargo in FY24, witnessing notable year-on-year growth in revenue and EBITDA, the acquisition is poised to significantly contribute to APSEZ’s portfolio and consolidate its position as the largest port developer and operator in India.
APSEZ, a flagship company of the globally diversified Adani Group, now stands equipped with a robust network of ports and terminals strategically located across both the west and east coasts of India, further solidifying its presence in the maritime logistics sector.
Keywords: Adani Ports, Gopalpur Port, Odisha, acquisition, strategic move, APSEZ, Karan Adani, logistics, infrastructure, cargo handling, port development, Adani Group.
