Adani Ports and SEZ Ltd has acquired the Gopalpur Port in Odisha from the Shapoorji Pallonji Group for a substantial enterprise value of ₹3,350 crore. This move comes as part of the SP Group’s deleveraging strategy, aimed at planned asset monetisation. Originally acquired by the SP Group in 2017, the Gopalpur Port is currently under construction and has a capacity of handling 20 MTPA (million tonnes per annum). Notably, the port recently inked a deal with Petronet LNG to establish a greenfield LNG regasification terminal, which is expected to provide long-term cash flows for the port.
This transaction marks the second port divestment by the SP Group in recent months, following the sale of Dharamtar Port in Maharashtra to JSW Infrastructure Ltd for an enterprise value of ₹710 crore. The SP Group had acquired Dharamtar Port in 2015 and significantly improved port operations, increasing its capacity from less than 1 MTPA to an expected 5 MTPA capacity in FY24.
A spokesperson for the Shapoorji Pallonji Group highlighted that the planned divestments of Gopalpur Port and Dharamtar Port underscore the group’s ability to enhance asset value and generate stakeholder returns within a short timeframe. These divestments align with the group’s strategy to reduce debt and position itself for growth opportunities, leveraging its core competencies in project development and construction. The spokesperson emphasized that these transactions are crucial milestones in the group’s roadmap for debt reduction and growth, capitalizing on favorable market trends both domestically and internationally.
Adani Ports and SEZ Ltd has acquired the Gopalpur Port in Odisha from the Shapoorji Pallonji Group for a substantial enterprise value of ₹3,350 crore. This move comes as part of the SP Group’s deleveraging strategy, aimed at planned asset monetisation. Originally acquired by the SP Group in 2017, the Gopalpur Port is currently under construction and has a capacity of handling 20 MTPA (million tonnes per annum). Notably, the port recently inked a deal with Petronet LNG to establish a greenfield LNG regasification terminal, which is expected to provide long-term cash flows for the port.
This transaction marks the second port divestment by the SP Group in recent months, following the sale of Dharamtar Port in Maharashtra to JSW Infrastructure Ltd for an enterprise value of ₹710 crore. The SP Group had acquired Dharamtar Port in 2015 and significantly improved port operations, increasing its capacity from less than 1 MTPA to an expected 5 MTPA capacity in FY24.
A spokesperson for the Shapoorji Pallonji Group highlighted that the planned divestments of Gopalpur Port and Dharamtar Port underscore the group’s ability to enhance asset value and generate stakeholder returns within a short timeframe. These divestments align with the group’s strategy to reduce debt and position itself for growth opportunities, leveraging its core competencies in project development and construction. The spokesperson emphasized that these transactions are crucial milestones in the group’s roadmap for debt reduction and growth, capitalizing on favorable market trends both domestically and internationally.
