Adani Ports in Advanced Talks with SP Group for Strategic Acquisition of Gopalpur Ports in Odisha

Adani Ports and Special Economic Zone, India’s leading maritime company, are in advanced discussions to acquire Gopalpur Ports in Odisha from Shapoorji Pallonji Group. The deal, valued at Rs 1,100-1,200 crore, aligns with Adani’s strategy to expand its presence along the eastern and western coasts. This potential acquisition would be Adani’s sixth on the eastern coast, adding to its existing capacity of approximately 247 million tonnes.

The due diligence process is ongoing, and while there’s no guarantee of a deal, Adani Ports aims to strengthen its foothold in strategic maritime locations. The current majority stakeholder in Gopalpur Ports is SP Ports Maintenance, a subsidiary of SP Imperial Star. However, JSW Infrastructure was reportedly in talks for the same asset at a higher valuation, and private equity groups were also approached by the Mistry family, indicating varying perspectives on the port’s worth.

Earlier this week, the SP Group sold a 50% stake in PNP Maritime Services to JSW Infrastructure for Rs 270 crore. This Maharashtra-based facility, with a 5 million tonnes per annum capacity, operates multi-purpose jetties. The enterprise value of this transaction was around Rs 700 crore. The SP Group had previously communicated an enterprise value of $600-650 million for Gopalpur Ports, with Adani Ports eyeing the acquisition as part of its strategic expansion plan.

Based on The Economic Times Report.