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The Shapoorji Pallonji Group has announced the sale of its brownfield Gopalpur Port to Adani Ports and SEZ Ltd for an enterprise value of ₹3,350 crore.
“The under construction Gopalpur Port, located in Odisha, was acquired in 2017, with significant issues hampering its development. Post acquisition, the Shapoorji Pallonji Group commenced port operations by building the port infrastructure and stabilizing industrial relations,” the company said in a statement issued early in the morning on March 26.
Currently, Gopalpur Port operates the port which is capable of handling 20 MTPA cargo.
Further, Gopalpur Port had recently signed up with Petronet LNG for setting up a greenfield LNG regasification terminal.
This is the second port divestment in the last few months from the diversified Construction & Infrastructure, Real Estate and Energy conglomerate.
It had earlier divested its Dharamtar Port to JSW Infrastructure Limited for an enterprise value of ₹710 crore.
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 spokesperson said.
