27 March 2024 – At an equity value of Rs 1,349 crore, Adani Ports and Special Economic Zone Ltd (APSEZ) said on Tuesday that it had acquired a 95% share in Gopalpur Ports in Odisha from Shapoorji Pallonji Group and Orissa Stevedores Ltd.
Orissa Stevedores Ltd (OSL) owns 44% of Gopalpur Ports, while the Shapoorji Pallonji Group (SP Group) company SP Port Maintenance Pvt Ltd has a 56% share. Located in the Ganjam district of Odisha, Gopalpur Port is an all-weather deep-water berthing port with a 20 million tonnes per year (MTPA) capacity.
APSEZ said in a regulatory filing that it has finalized negotiations to purchase all 56% of SP Group’s shares and 39% of OSL’s investment in Gopalpur Port Ltd (GPL). According to the application, OSL will remain a joint venture partner with a five percent share. According to APSEZ, the enterprise value of a 95% interest is Rs 3,080 crore, and the equity consideration is Rs 1,349 crore, subject to closing adjustments.
Conclusion
It also noted that, in addition to the enterprise value mentioned above, there is a contingent payment of Rs 270 crores that is expected to become due after 5.5 years if certain requirements are met as per the agreement with the sellers. The overall enterprise value, including postponed payments, is Rs 3,350 crore.
