Adani Ports and SEZ is said to be in talks with Shapoorji Pallonji Group about acquiring its Gopalpur Ports in Odisha for up to Rs 1,100-1,200 crore in equity. SP Ports Maintenance owns 56% of Gopalpur Ports, while Orissa Stevedores (OSL) owns the remaining 46%. This purchase is part of the company’s string-of-pearls strategy, which includes owning facilities on both the eastern and western water margins.
According to an Economic Times report, the due diligence process is currently underway. If this transaction goes through, Gopalpur Ports will be Adani Ports and SEZ’s sixth acquisition of a multi-purpose facility on India’s east coast.
However, it is unclear whether a deal will emerge and materialize from these discussions, according to the report, which also stated that JSW Infrastructure was in talks with the Mistrys for the same asset for a Rs 3,000 crore enterprise valuation. The Mistry family was said to be dissatisfied with the offering.
The port’s enterprise value is around Rs 5,000 crore, and Mistry’s equity value is around Rs 2,000 crore, according to a company presentation reviewed by the financial daily.
The SP Group previously sold a majority 50% stake in PNP Maritime Services (PNP Port), which operates jetties at Shahbaj in Maharashtra’s Raigad district. JSW Infrastructure paid Rs 270 crore in cash for the facility, which is worth Rs 700 crore in total. The proceeds will be used to repay NCD holders of a rupee-denominated zero coupon bond worth Rs 14,300 crore.
Gopalpur Ports has been in operation since 2015 and is situated between the busy ports of Paradip and Vizag. It is also linked to the Golden Quadrilateral by NH-516.