Adani Ports Snaps up New Port from Shapoorji Pallonji Group for Rs. 3, 350 Crore

Mumbai-based Real Estate & Construction Company, the Shapoorji Pallonji Group publicized the sale of its Port in Brownfield Gopalpur to Adani Ports & SEZ Limited for a market value of Rs. 3,350 crore. This is the second port sale of the company in the past few months. Earlier, the company has separated its Dharamtar Port to JSW Infrastructure for a market value of Rs. 710 crore.

On this regard, the company said in a press release, “With these asset sales, the SP Group continues its deleveraging journey with planned asset monetisation to marquee counterparts”. In 2015, The Shapoorji Pallonji Group had obtained Dharamtar Port in Maharashtra. As less than 1MTPA when Shapoorji Pallonji acquired, the Dharamtar Port is projected to operate 5 MTPA in the financial year 2024. 

The Gopalpur Port situated in Odisha, which is under the construction process was obtained in 2017 with the substantial issues hindering its progression. After the acquisition, the Shapoorji Pallonji Group started the port operations by constructing the infrastructure & stabilizing industrial system of the port.

Presently, the Gopalpur Port proficient of holding 20MTPA. Additionally, the Gopalpur Port has newly marked up with Petronet LNG for building up a Greenfield LNG regasification terminal, aiming to add anticipated extended cash flows to the Port.

Speaking to this, the Spokesperson of Shapoorji Pallonji says, “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, capitalizing our core strengths in project development and construction”