MUMBAI: The Shapoorji Pallonji Group announced the sale of its brownfield Gopalpur Port to Adani Ports and SEZ on Tuesday for an enterprise value of Rs 3,350 crore. This is the second port divestment in the last few months from the diversified construction & infrastructure, real estate and energy conglomerate. It had earlier divested its Dharamtar Port to JSW Infrastructure for an enterprise value of Rs 710 crore.
With these asset sales, the SP Group continues its deleveraging journey with planned asset monetisation to marquee counterparts. It had acquired Dharamtar Port (in Maharashtra) in 2015 and has successfully turned around port operations. From less than 1 MTPA when Shapoorji Pallonji took over, Dharamtar Port is expected to handle 5 MTPA in FY24. The Shapoorji Pallonji Group was advised by Deutsche Bank on this deal.