Adani Ports in talks with Shapoorji Pallonji group to acquire its Gopalpur Ports in Odisha: Report

Adani Ports: Adani Ports is reportedly in talks with Shapoorji Pallonji group to acquire its Gopalpur Ports in Odisha for up to Rs 1,100-1,200 crore in equity value. As per The Economic Times report, the due diligence process to acquire the port is currently underway.

Adani Ports and Special Economic Zone

This acquisition is part of the Adani group's string-of-pearls strategy that involves owning facilities in both eastern and western water margins. If the deal goes through, this will be the Adani Ports and SEZ’s sixth acquisition of a multi-purpose facility in the eastern coast.

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At present Shapoorji Pallonji Maintenance owns 56% in Gopalpur Ports, while the rest is owned by Orissa Stevedores . The Economic Times report also mentioned that JSW Infrastructure was in talks with the Mistrys for the same asset for Rs 3,000 crore enterprise valuation. However, the port is valued around Rs 5,000 crore and the Mistry’s equity value was at Rs 2,000 crore.

As per credit rating firm Care Edge the port has a long term bank facilities of Rs 1,432 crore as on February. Gopalpur Ports has been operational since 2015 and is located between the busy Paradip Port and Vizag Port. It is also connected to the Golden Quadrilateral through NH-516.