Adani Ports and Special Economic Zone (APSEZ) share price rose 1.5 percent in the early trade on March 26 after the company announced that it will purchase a 95 percent stake in Odisha's Gopalpur Port Limited (GPL).
At 9.22am, Adani Ports and Special Economic Zone was quoting at Rs 1,298.95, up Rs 18.00, or 1.41 percent, on the BSE.
The company has entered into a definitive agreement to purchase the 56 percent stake of the SP Group and 39 percent of Orissa Stevedores Limited (OSL) in Gopalpur Port Limited (GPL), the company said in its release.
The acquisition has been made at an enterprise value of Rs 3,080 crore, and the transaction is subject to statutory approvals and fulfilment of other conditions precedents, it added.
Gopalpur Port is located on the eastern coast of India and has the capacity to handle 20 MMTPA.
The Odisha government awarded a 30-year concession to GPL in 2006, with the provision of two extensions of 10 years each. The transaction is expected to be completed by Q1 FY25.
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“The acquisition of Gopalpur Port will allow us to deliver more integrated and enhanced solutions to our customers. Its location will allow us unprecedented access to the mining hubs of Odisha and neighboring states and allow us to expand our hinterland logistics footprint, “said Karan Adani, Managing Director of APSEZ.
"GPL will add to the Adani Group’s pan-India port network, east coast versus west coast cargo volume parity and strengthen APSEZ’s integrated logistics approach,” he added.
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