Private Sector | Orissa - India | PID: 202687
|
The Shapoorji Pallonji (SP) Group had announced the sale of its brownfield Gopalpur Port to Adani Ports and SEZ for Rs 3,350 crore. This is the second port divestment in the last few months, as the diversified construction & infrastructure, real estate and energy conglomerate had earlier divested its Dharamtar Port to JSW Infrastructure for an enterprise value of Rs 710 crore.
The under-construction Gopalpur Port, located in Odisha, was acquired in 2017, and post acquisition, the Group commenced port operations by building the port infrastructure. The port has a cargo handling capacity of 20 mtpa. Further, Gopalpur Port has recently signed up with Petronet LNG for setting up a greenfield LNG regasification terminal, adding long term cash flows for the port. The Shapoorji Pallonji Group was advised by Deutsche Bank on the transaction.
The SP Group had acquired Dharamtar Port in Maharashtra in 2015 and has successfully turned around port operations. With under one mtpa when Shapoorji Pallonji took over, Dharamtar Port is expected to handle five mtpa in FY24.
The planned divestments of Gopalpur Port and Dharamtar Port demonstrate the Group’s ability to turn around assets, capitalising on its core strengths in project development and construction. These divestments will help reduce the Group's debt and propel it on the growth path in its core businesses, both in India and overseas.
| Updated on: 30 - Mar - 2024
|
|
|