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. 

Advertisements