As India’s largest port operator, Adani Ports & Special Economic Zone has lately made a key move. It has agreed to buy a 95% interest in Gopalpur Ports Ltd from the current shareholders.
On Tuesday (March 26) an exchange filing showed this purchase; it will involve a cash payment of ₹1,349 crore. By definition this transaction has significant strategic value greater than the nominal but it not yet complete.
This deal pegs an enterprise value of ₹3,080 crore on Gopalpur Ports Ltd, with potential adjustments at the closing.
Adani Ports acquired 56% of the Gopalpur Ports’ GHC stake from SP Port Maintenance Pvt Ltd, a subsidiary of the SP Group, and the remaining 39% from Orissa Stevedores Ltd.
This acquisition is subject to the approval of the Commerce and Transport Department of the Odisha state government. Marking the end of Adani Ports’ drive for bigger and better consolidation, the deal is scheduled to be concluded in fiscal year 2025.
As of 12:00 pm, Adani Ports shares were trading 1.55% higher at ₹1,301.45 on NSE.
