»Adani Ports Buys Gopalpur Port At %e2%82%b93350 Crore In Odisha
Adani Ports Buys Gopalpur Port At ₹3,350 Crore In Odisha
As part of its deleveraging strategy with planned asset monetization, the Shapoorji Pallonji Group announced on Tuesday that it has sold its brownfield Gopalpur Port to Adani Ports and SEZ Ltd for an enterprise value of ₹ 3,350 crore.
As part of its deleveraging strategy with planned asset monetization, the Shapoorji Pallonji Group announced on Tuesday that it has sold its brownfield Gopalpur Port to Adani Ports and SEZ Ltd for an enterprise value of ₹ 3,350 crore.
Earlier, in 2017, the Gopalpur Port in Odisha was acquired by the SP Group. It can currently handle up to 20 MTPA. According to a statement from the organization, the port recently secured a deal with Petronet LNG to establish a greenfield LNG regasification station, which will provide stable long-term income flows for the port.
The Gopalpur Port sale marks the second port divestment from the diverse building and infrastructure, real estate, and energy giant, SP Group, in recent months. At an enterprise value of ₹ 710 crore, it had previously sold its Dharamtar Port in Maharashtra to JSW Infrastructure Ltd.
After acquiring the Dharamtar Port in 2015, the group successfully restored port operations, boosting capacity from less than 1 MTPA at the time of takeover to an anticipated 5 MTPA in FY24. The SP Group has been considering a number of options to pay down its debt, which is estimated to be about ₹20,000 crore.