Adani Ports and Special Economic Zone Limited agreed to acquire 95% stake in Gopalpur Ports Limited from Orissa Stevedores Limited and Shapoorji Pallonji And Company Private Limited for INR 13.4 billion.

Adani Ports and Special Economic Zone Limited (NSEI:ADANIPORTS) agreed to acquire 95% stake in Gopalpur Ports Limited from Orissa Stevedores Limited and Shapoorji Pallonji And Company Private Limited for INR 13.4 billion on March 26, 2024. The consideration consists of INR 13.4 billion in cash. As part of the consideration, INR 13.4 billion was paid towards common equity.

The transaction is subject to closing adjustments. The acquisition is also subject to approval from Commerce and Transport Department, Govt. of Odisha.

The deal is expected to be completed by Q1 FY25. Natasha Treasurywala of Desai & Diwanji advised Shapoorji Pallonji Group while Surya Sreenivasan of Cyril Amarchand Mangaldas advised Adani Ports. Harsh Jain of Trilegal acted for Orissa Stevedores Limited in the transaction.