The Odisha government approved a proposal to transfer 95 per cent of the equity shares of Gopalpur Port to Adani Ports and Special Economic Zone (APSEZ) from Shapoorji Pallonji Port Maintenance and Orissa Stevedores.

Gopalpur Port, situated near Berhampur town in southern Odisha, is about 175 kilometers from Bhubaneswar. This will be the second port owned by Adani in Odisha, as APSEZ also owns the Dhamra port.

The Mohan Charan Majhi cabinet approved the transfer of equity shares to APSEZ. Following this decision, the state will sign a revised concession agreement for the development and expansion of Gopalpur Ports.

According to a state government release, Gopalpur Ports had requested permission to transfer 95 per cent of its equity shares to APSEZ. The shares are currently held by Shapoorji Pallonji Port Maintenance (56 per cent) and Orissa Stevedores (39 per cent).

In March, APSEZ had entered into an agreement to purchase this 95 per cent stake at an enterprise value of Rs 30.80 billion.

The cabinet approved the proposal for the transfer of equity shares along with granting permission to sign the revised concession agreement for the development and expansion of Gopalpur Ports, following the due procedure.