News
Shapoorji Pallonji Divests Gopalpur Port to Adani Ports and SEZ for Rs 3,350 Cr
Mumbai, March 25, 2024: The Shapoorji Pallonji Group announced the sale of its brownfield Gopalpur Port to Adani Ports and SEZ Limited on Tuesday for an enterprise value of Rs 3,350 crore. This is the second port divestment in the last few months from the group. It had earlier divested its Dharamtar Port to JSW Infrastructure Limited for an enterprise value of Rs 710 crore.
The under construction Gopalpur Port, located in Odisha, was acquired in 2017. Currently, Gopalpur Port is capable of handling 20 MTPA. Gopalpur Port has also recently signed up with Petronet LNG for setting up a greenfield LNG regasification terminal, adding predictable long term cash flows for the Port.
A Shapoorji Pallonji Group spokesperson said “The planned divestments of Gopalpur Port and Dharamtar Port, at a significant enterprise value, demonstrate our Group’s ability to turn around assets and create stakeholder value in a relatively short period of time, capitalising our core strengths in project development and construction. These divestments are key milestones in our roadmap to reduce Group debt and set the stage for growth, taking advantage of the macro trends for demand in our core businesses, both in India and overseas”.
The Shapoorji Pallonji Group was advised by Deutsche Bank on this deal.
-
News3 weeks ago
Noida’s High-Rise Societies Face Multiple Challenges Despite Rapid Urban Growth
-
News3 weeks ago
Olive Announces Dhruv Kalro as Co-Founder
-
News4 weeks ago
Godrej Properties Sells 5000+ Homes of Rs 9.5 cr in Q4FY24, Bookings up 84% YoY
-
News4 weeks ago
Vestian: Domestic Investors Dominate Institutional Investments in Jan-Mar’24
-
News3 weeks ago
India to become the fastest-growing silver economy, housing up to 17% of the world’s elderly population by 2050: CBRE Report
-
News4 weeks ago
HRERA Gurugram Rejects Godrej Properties’ Project Extension Application, Account Frozen For Prolonged Non-compliances
-
News2 weeks ago
SKA Forays In Luxury Housing: Launches SKA Destiny One in Greater Noida, To Invest Rs 592 Crores
-
News4 weeks ago
Ashiana Housing Sells Rs 440 cr Worth 224 Flats at its Project Amarah in Gurugram