Adani Ports, along with Special Economic Zone (APSEZ), is to acquire 95% of Gopalpur Port’s equity shares. The Odisha government has approved this proposal, and the shares will be transferred from Orissa Stevedores and Shapoorji Pallonji Port Maintenance.
Located in southern Odisha, close to Berhampur town, the Gopalpur Port is roughly 175 kilometers away from Bhubaneswar. With this acquisition Adani ports will now own two ports in Odisha as the Dhamra port is owned by APSEZ.
The transfer of equity interests to APSEZ was approved by the Mohan Charan Majhi cabinet. The state will execute a revised concession agreement for Gopalpur Port’s development and expansion in response to this judgment.
Gopalpur Port had asked for authorization to transfer ninety-five percent of its equity shares to APSEZ, according to a release from the state government. Shapoorji Pallonji Port Maintenance owns 56% of the shares now, while Orissa Stevedores holds 39%.
A deal to buy this 95% share at an enterprise value of Rs 30.80 billion was made in March by APSEZ.
After completing the proper procedures, the cabinet accepted the proposal for the transfer of equity interests and gave authorization to sign the updated concession agreement for the growth and development of Gopalpur Ports.
