India’s largest port operator Adani Ports and Special Economic Zone (APSEZ) has expanded its presence on India’s coastline after buying 95 per cent in Odisha’s Gopalpur Port Ltd (GPL) at an enterprise value of Rs 3,080 crore.

• The Adani group company, which already owns ports like Dhamra and Gangavaram on the eastern coast, will acquire the stake in brownfield GPL by purchasing 56 per cent from the Shapoorji Pallonji (SP) Group and 39 per cent from Odisha Stevedores Ltd, which will continue as the JV partner post the acquisition. 
• The deal is expected to be completed in the first quarter of 2024-25 (FY25).
• In addition to the enterprise value of Rs 3,080 crore, there is a contingent consideration of Rs 270 crore estimated to be payable after 5.5 years, taking the total to Rs. 3,350 crore.