TNI Bureau: Adani Group has increased its presence on the east coast with Adani Ports entering into an agreement to acquire Gopalpur Port Limited.

Odisha Cabinet on Thursday approved the transfer of equity shares of Gopalpur Port to Adani Ports and Special Economic Zone Limited (APSEZ).

Gopalpur Ports Ltd has got the nod for transfer of 95% of equity shares to Adani Ports and APSEZ from Shapoorji Pallonji Port Maintenance Pvt Ltd (56%) and from Orissa Stevedores Ltd (39%).

Permission has also been given to sign the revised concession agreement between Directorate of Ports & IWT, C&T Department and Gopalpur Ports Ltd (GPL) for development and expansion of GPL.

Gautam Adani-run Adani Ports and APSEZ earlier announced that it would buy 95% stake in GPL for an equity value of Rs 1,349 crore and enterprise value of Rs 3,080 crore.