Adani Ports and Special Economic Zone (APSEZ) witnessed a significant uptick in its share price, surging by 1.5 per cent during the early trading hours on March 26.

This surge followed the company's announcement of its acquisition of a 95 per cent stake in Gopalpur Port Limited (GPL), located in Odisha. At 9:22 am, APSEZ was trading at Rs 1,298.95, marking an Rs 18.00 increase, or 1.41 per cent, on the BSE.

The acquisition involves purchasing a 56 per cent stake from the SP Group and a 39 per cent stake from Orissa Stevedores Limited (OSL) in GPL, as outlined in the company's official statement.

Valued at an enterprise worth of Rs 3,080 crore, the transaction is contingent upon obtaining statutory approvals and meeting other predetermined conditions.

GPL, strategically situated on India's eastern coast, boasts a handling capacity of 20 MMTPA. The Odisha government granted GPL a 30-year concession in 2006, with the potential for two 10-year extensions, adding to its strategic significance in the region's maritime infrastructure.

The acquisition process is projected to conclude by the first quarter of the financial year 2025, setting a timeline for the integration of GPL into APSEZ's operations.

This move aligns with APSEZ's strategic vision to expand its presence in key maritime hubs and enhance its capabilities in handling diverse cargo.

Karan Adani, Managing Director of APSEZ, expressed optimism regarding the acquisition, highlighting its potential to provide integrated solutions and expand the company's logistics footprint, particularly in mining hubs across Odisha and neighbouring states.

Adani emphasized that GPL's addition to the Adani Group's port network would foster east coast-west coast cargo volume parity and reinforce APSEZ's comprehensive logistics strategy.

The acquisition of GPL represents a significant milestone for APSEZ, as it strengthens the company's position as a leading player in India's port and logistics sector.

With a strategic focus on enhancing connectivity and efficiency in maritime trade, APSEZ continues to drive growth and innovation in the industry, positioning itself for sustained success in the years to come.