• Source:IANS
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Adani Ports and Special Economic Zone Ltd (APSEZ) expanded its maritime footprint by acquiring a majority stake in Gopalpur Port Limited (GPL), located in Odisha. The deal, valued at Rs 3,080 crore, sees APSEZ taking over 56 per cent from the SP Group and 39 per cent from Orissa Stevedores Limited (OSL).

The Odisha government awarded a 30-year concession to GPL in 2006, with options for two additional 10-year extensions. The agreement also includes a contingent consideration of Rs 270 crore, payable after 5.5 years upon meeting certain conditions as agreed with the sellers, said APSEZ on Tuesday.

Karan Adani, Managing Director of APSEZ, emphasised the acquisition’s role in providing integrated solutions and expanding the company’s logistics network, particularly in the mineral-rich regions of Odisha and its neighbours. The addition of GPL is expected to boost the Adani Group’s cargo volume and fortify its pan-India port network.

"GPL will add to the Adani Group's pan-India port network, significantly enhance overall cargo volume, and strengthen APSEZ's integrated logistics approach," Karan Adani added.

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GPL’s importance is underscored by its support for the mineral-based industries in its hinterland, including iron, steel and alumina sectors. The port’s design and expansion capabilities are fully flexible to align with market demands.

Gopalpur port has the capacity to handle 20 MMTPA (million metric tonnes per annum). The port’s infrastructure includes over 500 acres of leased land for development, with provisions for future expansion. Its connectivity is robust, featuring access to the national Highway NH16 and a dedicated railway line that links to the Chennai-Howrah main line.

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For the fiscal year 2024, GPL is projected to handle approximately 11.3 MMT of cargo, marking a year-over-year growth of 52 per cent. This activity is expected to generate revenue of Rs 520 crore and achieve an EBITDA of Rs 232 crore, representing growths of 39 per cent and 65 per cent respectively.

APSEZ is India's largest port developer and operator. It boasts a network of seven ports and terminals on both the west and east coasts of the country, strategically positioned to optimise maritime trade flows.

(With IANS Inputs)