Odisha cabinet approves transfer of equity shares to Adani Ports & SEZ Limited
CUTTACK : The Odisha cabinet on Thursday 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 chaired by Chief Minister Shri Mohan Charan Majhi also granted permission to sign the revised concession agreement towards the development and expansion of Gopalpur Port.
Briefing newsmen after the cabinet meeting, Chief Secretary Manoj Ahuja 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), which is holding 56 percent, and from Orissa Stevedores Limited (OSL), holding 39 percent.
Ahuja said the cabinet, following the procedure, approved the transfer proposal of the equity shares.
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.
He said recognizing its potential for economic development and its impact on the socioeconomic conditions of the people of the state, the Odisha 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.
Official sources said currently the port is handling 11.43 million metric tonnes per year of cargo.
GPL shares 7.5 percent of its gross revenue with the state government, and the revenue share for FY 2023-24 is approximately Rs 38 crore.
The port employs nearly 4000 people in direct and indirect employment, and the expansion, sources said, is expected to boost revenue and employment.