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India's Adani Ports to buy 95% of Odisha's Gopalpur Port for $162 million

(Reuters) -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.

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Adani Ports and Special Economic Zone (APSEZ) develops and operates about 12 ports and terminals on the west and east coast of India.

($1 = 83.4053 Indian rupees)

(Reporting by Chandni Shah and Shivani Tanna in Bengaluru; Editing by Devika Syamnath)