Ahmedabad, March 26 (IANS) Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said it has acquired 56 per cent stake of the SP Group and 39 per cent of Orissa Stevedores Limited (OSL) in Gopalpur Port Limited (GPL) for Rs 3,080 crore.

Gopalpur port is located on the east coast of the country and has the capacity to handle 20 MMTPA (million metric tonne per annum).

The Odisha government awarded a 30-year concession to GPL in 2006, with the provision of two extensions of 10 years each.

In addition to the enterprise value, there is a contingent consideration of Rs 270 crore estimated to be payable after 5.5 years, subject to fulfilment of certain conditions as agreed with the sellers, said the company.

"The acquisition of Gopalpur Port will allow us to deliver more integrated and enhanced solutions to our customers. Its location will allow us unprecedented access to the mining hubs of Odisha and neighbouring states and allow us to expand our hinterland logistics footprint," said Karan Adani, Managing Director of APSEZ.

"GPL will add to the Adani Group's pan-India port network, significantly enhance overall cargo volume, and strengthen APSEZ’s integrated logistics approach," Karan Adani added.

The port plays an important role in supporting the growth of mineral-based industries in its hinterland, like iron and steel, alumina and others. The concessionaire has full flexibility to design and expand the port as per the market demand.

GPL has received more than 500 acres of land on lease for development, with an option to receive additional land on lease to meet future capacity expansions, according to the company.

The port is well connected with its hinterland through the national Highway NH16 and a dedicated railway line connects the port with the Chennai-Howrah main line.

In FY24, GPL is estimated to handle about 11.3 MMT cargo (YoY growth of 52 per cent) and earn a revenue of Rs 520 crore (YoY growth 39 per cent) and achieve EBITDA of Rs 232 crore (YoY growth 65 per cent).

APSEZ, a part of the globally diversified Adani Group, is the largest port developer and operator in India with seven strategically located ports and terminals on the west coast, and seven ports and terminals on the east coast.