Adani Ports and Special Economic Zone announced on Friday that it has completed the acquisition of a 95% stake in Gopalpur Port Ltd. from existing shareholders. This acquisition follows a definitive agreement signed on March 25.
According to the company’s filing from March, the acquisition is such that APSEZ will acquire 56% of the stake from SP Port Maintenance Private Ltd. and approximately 39% from Orissa Stevedores Ltd. The total consideration for the stake amounts to Rs 1,349 crore, with the enterprise value of GPL estimated at Rs 3,080 crore, subject to closing adjustments.
GPL, which was incorporated on July 2006, specialises in handling various types of dry bulk and break bulk cargo. In the financial year 2022-23, the port handled 7.4 million metric tonnes of cargo and generated an operational revenue of Rs 373 crore. For the current fiscal year, GPL is expected to handle approximately 11.3 MMT of cargo, with an estimated operational revenue of Rs 520 crore, marking a year-on-year growth of 39%.
Karan Adani, Managing Director of APSEZ, said that that GPL’s integration into APSEZ’s portfolio would help achieve better cargo volume parity between India’s east and west coasts.