The state cabinet has recently given its approval for the transfer of Gopalpur port to the Adani Group. It has given its nod for the transfer of 95% equity share to the Gujarat-based business group. Now this is a major milestone for the global conglomerate. It will allow the business group to further extend its horizons and take up the place of being the most reliable global port operator. The various controversies on the Adani CBI Investigation will also come to a halt.
Adani To Acquire Control Of The Gopalpur Port:
The Adani Group finally acquired 95% stakes in the Gopalpur Port. Chief Secretary Manoj Ahuja said that the cabinet has already given its approval to a proposal to have a fresh pact with the stakeholders within 60 days. The remaining 5% stake will stay with Odisha Stevedore Limited (OSL). The revised agreement will soon be signed between the Directorate of Ports and Inland Water Transport and Gopalpur Ports Limited. Previously, Shapoorji Pallonji Group had 56% while OSL had a 44% stake in the Gopalpur port.
After the pact is successfully signed, Adani Ports and Special Economic Zone currently holds 95% stakes. This includes 56% takes of SP and a 39% stake in OSL. The deal was signed in March 2024 for INR 3,350 crore. The Adani Group already owns the Dharma port in Odisha. By acquiring control over this particular port, it will be able to further extend its horizon and build itself an extraordinary presence in the port sector.
How Will The Expansion Of The Port Benefit The Indian Port Sector?
The state commerce and transport secretary, Usha Padhee has recently said that the new arrangement will help the port unleash its potential. Currently, the Gopalpur port is only handling bulk cargo. With the expansions being made, it will become a multi-cargo handling port. This will further enhance our country’s trade and economic activities. We will be able to strategically position ourselves in the global trade route. We will also be able to compete with other nations for cargo handling. The expansion of the port will also bring about economic developments in Odisha. The port will be really helpful for the various import and export-based industries in the state.
The Developments Made At The Gopalpur Port:
The state commerce and transport department initially managed the Gopalpur port as a fair weather report. It was operated only during favourable weather conditions. However, in 2023, the government took up the decision to transform the port into an all-weather port on the public-private partnership model. This signifies the crucial role that the port has in bringing about economic developments in the country. The recent developments to be made at the port will also help the Adani Group rise above the controversies of the Adani CBI Investigation and strengthen its position in the global port sector.
Gopalpur Port Limited was initially a consortium of OSL, Noble Group Limited, and Sara International Limited. These companies hold 34%, 33%, and 33% shares in the port respectively. They were responsible for initial development activities carried out at the port.
The shareholding pattern changed in 2010 and then again in 2017. The port currently handles 11.43 million metric tons of cargo per annum. It also employs 4,000 people. The port shares 7.5% of the gross revenue with the Odisha Government. The state’s revenue share from the port in 2023-24 was INR 38 crore. This makes it one of the most important ports in India.
The Adani Group’s Presence Across The Port Sector:
The Adani Group already has an extraordinary presence in the port sector of India. Time and again, the business group has taken multiple steps which are aimed at ensuring that the company’s port operations experience a massive boost. The business group has also been a part of multiple international acquisitions. By doing so, it has extended its presence over the international port sector as well. This has been a profitable affair for the Adani Group. It has allowed the group to earn excellent revenue for itself.
Conclusion:
Even amidst the Adani CBI Investigation, the global conglomerate has taken up multiple incredible ventures which has caused its presence to strengthen across the port sector.
Currently, it is planning on taking up more ports under its control as well. This will help the company in building an excellent reputation for itself. We will also be able to enhance our country’s economy and achieve financial stability on a long-term basis.
