India's largest private port operator Adani Ports and Special Economic Zone said on Tuesday it will buy a 95% stake in Odisha's Gopalpur Port for an equity value of 13.49 billion rupees ($161.74 million) to bolster its east coast presence.
Adani Ports will purchase a 56% stake in Gopalpur Port from real-estate conglomerate Shapoorji Pallonji Group (SP Group) and a 39% stake from Orissa Stevedores.
The enterprise value of the deal is 30.80 billion rupees.
Gopalpur handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina.
"GPL (Gopalpur Port) will add to the Adani Group's pan-India port network, east coast vs west coast cargo volume parity and strengthen APSEZ's integrated logistics approach," said Karan Adani, managing director at Adani Ports.
Adani Ports and Special Economic Zone (APSEZ) develops and operates about 12 ports and terminals on the west and east coast of India.
(Reuters - Reporting by Chandni Shah and Shivani Tanna in Bengaluru; Editing by Devika Syamnath)