Shares of Adani Ports and Special Economic Zone Ltd (APSEZ) were trading in the green and 1.5% higher on 26 March after the company announced entering into a definitive agreement for acquiring a 95% stake in Odisha’s Gopalpur Port Limited.

The company added in its regulatory filing that it will acquire the 56% stake in SP Group and the 39% stake in Orissa Stevedores Limited (OSL) Gopalpur Port for a total cash consideration of Rs 1,349 crore.

The transaction is done at an enterprise value of Rs 3,080 crore that is subject to closing adjustments.

The said transaction is subject to approval from the Commerce and Transport Department of the Government of Odisha and will likely be completed by the first quarter of the upcoming fiscal year.

Karan Adani, Managing Director of APSEZ, said, “The acquisition of Gopalpur Port will allow us to deliver more integrated and enhanced solutions to our customers. Its location will allow us unprecedented access to the mining hubs of Odisha and neighbouring states and allow us to expand our hinterland logistics footprint.”

Gopalpur Ports is a deep-draft, multi-cargo port that handles different types of break bulk cargo and dry bulk. The port handles a diverse mix of dry bulk cargo, including coal, limestone, alumina, iron ore, and ilmenite sand.

At 1:45 pm, the shares of Adani Ports were trading 1.51% higher at Rs 1,301 on NSE.