Adani Ports and Special Economic Zone, India’s largest private port operator, is reportedly in the initial stages of discussions to acquire the Gopalpur port in Odisha from the Shapoorji Pallonji Group (SP Group) for an estimated 11-12 billion rupees ($132-$144 million), as per sources.
If successful, this acquisition would mark Adani Ports’ sixth venture into port acquisitions along India’s eastern coast, where it currently boasts a capacity of approximately 247 million tonnes. The Gopalpur port’s enterprise value is evaluated at 50 billion rupees, and the due diligence process for its potential acquisition is currently underway.
The move aligns with the strategic vision of the Gautam Adani-led group, aiming to establish a comprehensive presence across both the western and eastern maritime borders. Neither the Adani Group nor the SP Group has provided an immediate response to Reuters’ request for comments on the matter.
This development is in line with Adani Ports’ commitment to expanding its footprint in the maritime sector, capitalizing on opportunities for growth and strategic acquisitions. While there have been recent challenges, such as Deloitte resigning as the auditor of Adani Ports in August, the group has consistently refuted allegations, including those from U.S. short-seller Hindenburg Research.
The potential acquisition of Gopalpur port underscores Adani Ports’ ongoing efforts to enhance its port infrastructure and contribute to the development of India’s maritime landscape.
Prasanta Patnaik