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Who Acquires 95% Stake in Gopalpur Port for Rs 3,350 Cr.
A)
Tata Ports
B)
Adani Ports
C)
Reliance Industries
D)
Larsen and Toubro Ports

Correct Answer :   Adani Ports


India’s largest port operator Adani Ports and Special Economic Zone (APSEZ) has expanded its presence on India’s coastline after buying 95 per cent in Odisha’s Gopalpur Port Ltd (GPL) at an enterprise value of Rs 3,080 crore.
 
“Its (Gopalpur Port) location will allow us unprecedented access to the mining hubs of Odisha and neighbouring states and allow us to expand our hinterland logistics footprint. GPL will add to the Adani group’s pan-India port network, significantly enhance overall cargo volume, and strengthen APSEZ’s integrated logistics approach,” said Karan Adani, chief executive officer, Adani Ports & Special Economic Zone Ltd.

The Adani group company, which already owns ports like Dhamra and Gangavaram on the eastern coast, will acquire the stake in brownfield GPL by purchasing 56 per cent from the Shapoorji Pallonji (SP) Group and 39 per cent from Odisha Stevedores Ltd, which will continue as the JV partner post the acquisition.


The deal is expected to be completed in the first quarter of 2024-25 (FY25). In addition to the enterprise value of Rs 3,080 crore, there is a contingent consideration of Rs 270 crore estimated to be payable after 5.5 years, taking the total to Rs 3,350 crore.
 
The sale of GPL is the second port divestment in the past few months from the SP group, a diversified construction and infrastructure, real estate and energy conglomerate. It had earlier divested its Dharamtar Port in Maharashtra to JSW Infrastructure for an enterprise value of Rs 710 crore.
 
“These divestments are key milestones in our road map to reduce group debt and set the stage for growth, taking advantage of the macro trends for demand in our core businesses, both in India and overseas,” said a SP group spokesperson. The SP group has been looking at several ways to reduce its debt, which has been reported to be around Rs 20,000 crore..

Source : Business Standard

Published On : March 28, 2024
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