Bhubaneswar, Sep 12: The Odisha cabinet today approved the transfer proposal of equity shares of Gopalpur Port Limited (GPL) to Adani Ports and SEZ Limited from Shapoorji Pallonji Port Maintenance Private Limited and Orissa Stevedores Limited.
The cabinet also granted permission to sign the revised concession agreement towards the development and expansion of Gopalpur Port, said Chief Secretary Manoj Ahuja.
He said Gopalpur Ports Limited (GPL) had sought permission to transfer 95 percent of equity shares to the Adani Ports and Special Economic Zone Limited (APSEZ) from Shapoorji Pallonji Port Maintenance Private Limited (SPPML), and from Orissa Stevedores Limited (OSL).
SPPML is holding 56 percent and OSL is holding 39 percent in the port, Ahuja said.
The Gopalpur Port was initially managed by the Commerce and Transport Department of the Odisha government as a fair weather lighterage port that operated only during favorable weather conditions.
Recognizing its potential for economic development and its impact on the socioeconomic conditions of the people of the state, the state government in 2003 decided to transform into an all weather deep berthing seaport through a public-private partnership (PPP) in the Build, Own, Operate Share Transfer (BOOST) mode.
The Gopalpur Ports Limited won the bid through a competitive process. GPL, a consortium of Orissa Stevedores Limited, Noble Group Limited, and Sara International Limited with 34 percent, 33 percent, and 33 percent shares, respectively, developed the port. The shareholding changed in 2010 and 2017.
Tthe port is handling 11.43 million metric tonnes per year of cargo.
Notably, APSEZ has entered into a definitive agreement to purchase the 56% stake of the SP Group and 39% of Orissa Stevedores Limited (OSL) in Gopalpur Port Limited (GPL). The acquisition is made at an enterprise value of Rs 3,080 crore.
