Adani Group company Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday announced the acquisition of 95 percent stake in Gopalpur Ports of Odisha from Shapoorji Pallonji Group and Orissa Stevedores Limited. This acquisition has been done at an enterprise value of Rs 3,350 crore. Let us tell you, SP Port Maintenance Private Limited, a company of Shapoorji Pallonji Group (SP Group), has 56 percent stake in Gopalpur Ports and Orissa Stevedores Limited (OSL) has 44 percent stake.
Gopalpur port capacity 2 crore tonnes
In the information given to the stock market by Adani Ports, it was said that Gopalpur Port is a port with a capacity of 20 million tonnes per year located in Ganjam district of Odisha. It has entered into a definitive agreement to acquire the entire 56 per cent stake of SP Group and 39 per cent stake of OSL in Gopalpur Port Limited. OSL will continue as the joint venture partner with a five percent stake. According to the information, the equity value for the 95 per cent stake is Rs 1,349 crore. Its enterprise value is Rs 3,080 crore. This is subject to adjustment upon completion of the deal.
In addition to the enterprise value, a contingent payment of Rs 270 crore will be payable after 5.5 years. This is subject to certain conditions being met. The total enterprise value, including subsequent payments, is Rs 3,350 crore.
Port sold to reduce debt
In a separate filing to the stock exchanges, SP Group said it has agreed to sell its stake in Gopalpur Port to APSEZ at an enterprise value of Rs 3,350 crore as part of its debt reduction strategy along with planned asset floatation. Has gone. APSEZ said, “The acquisition of Gopalpur Ports Limited (GPL) will enhance synergy with our existing ports and strengthen APSEZ’s presence on the east coast. Karan Adani, Managing Director, APSEZ, said, “The acquisition of Gopalpur Port will enable us to provide more integrated and better solutions to our customers.”
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