Adani Group: Cabinet Approves Transfer Of Gopalpur Port To Adani Group | Bhubaneswar News
Bhubaneswar: The state cabinet on Thursday cleared the decks for takeover of Gopalpur port by Adani Group, approving the transfer of 95% equity share to the Ahmedabad-headquartered business conglomerate.
Chief secretary Manoj Ahuja said the cabinet approved a proposal to have a fresh pact with stakeholders within 60 days. “Remaining 5% stake will stay with Odisha Stevedore Limited (OSL),” he said.
A revised agreement will be signed between Directorate of Ports and Inland Water Transport and Gopalpur Ports Limited soon.
Earlier, Shapoorji Pallonji Group had 56% while OSL had 44% stake Gopalpur port. Adani Ports and Special Economic Zone (APSEZ), India’s largest port operator, bought the 95% stake (entire 56% share of SP and 39% of OSL) in a Rs 3,350 crore deal in March this year. Adani Group already owns Dharma port in Odisha.
State commerce and transport secretary Usha Padhee said the new arrangement will help the port realise its real potential. Currently, it’s handling only bulk cargo. There will be expansion so that it develops into a multi-cargo handling port.
“It’s expansion will have a significant contribution to the state’s economy. The port will be helpful for many export and import based industries in state,” Padhee said.
The state commerce and transport department initially managed Gopalpur as a fair-weather port, operated only during favourable weather. In 2003, the state govt decided to transform it into an all-weather port in public-private partnership mode, recognising its potential for economic development.
Gopalpur Port Limited, a consortium of OSL, Noble Group Limited and Sara International Limited, with 34%, 33% and 33% shares respectively, had developed the port. The shareholding pattern changed in 2010 and again in 2017.
The port, which handles 11.43 million metric tonne per annum of cargo, employs 4,000 people. The port shares 7.5% of its gross revenue with Odisha govt. The state’s revenue share from the port in 2023-24 was Rs 38 crore.
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