Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday announced its acquisition of a majority stake in Gopalpur Port Limited (GPL), purchasing 56% from the SP Group and 39% from Orissa Stevedores Limited (OSL) for INR 3,080 crore.

Gopalpur Port, situated on the east coast of India, has a handling capacity of 20 Million Metric Tons Per Annum (MMTPA). It was awarded a 30-year concession by the Government of Odisha in 2006, with the provision for two 10-year extensions.

As a deep draft, multi-cargo port, Gopalpur deals with various dry bulk cargoes like iron ore, coal, limestone, ilmenite, and alumina, playing a vital role in supporting mineral-based industries in its hinterland. The port has ample land for development and is well-connected through NH16 and a dedicated railway line.

Karan Adani, Managing Director of APSEZ, expressed enthusiasm for the acquisition, citing its potential to enhance integrated solutions and expand the company's logistics footprint. He emphasized the strategic importance of GPL in APSEZ's vision to become a leading global port and logistics platform.

The acquisition is expected to boost APSEZ's cargo volume and generate synergies with existing ports, driving operational efficiencies and value creation for shareholders. GPL is anticipated to witness robust growth and margin expansion in fiscal year 2025, with projected cargo handling of 11.3 million metric tons and significant revenue and EBITDA growth.

APSEZ reaffirms its commitment to sustainability and carbon neutrality through initiatives like the Science-Based Targets Initiative (SBTi), aligning with its strategic vision for long-term growth and environmental stewardship.