The Odisha Government has recently given its nod for sale of 51 per cent of the stake in the Gopalpur Port to the Shapoorji Pallonji Group, ending almost a year of uncertainty for the port.
The concession for the port was awarded in 2006 to a consortium of Orissa Stevedores limited (OSl), Sara International limited (SIl) andHong Kong-based Noble Group. The Noble Group soon decided to exit and the Naveen Jindal Group informally acquired Sara’s equity stake. However, the parties had a fallout putting the port in a state of limbo for a long time.
Finally, after close to a decade, a financially strong and reputable group has taken over management of the port. With a strong balance-sheet and technical expertise, the Shapoorji Pallonji Group’s acquisition of the port is expected to add a fresh impetus to the port. The port was also impacted severely due to cyclone Phallin in 2013.
The 150-year-old Shapoorji Group is viewed as a white knight by various stakeholders to revive the port, which is in an urgent need of financial and technical infusion. The group has a turnover of over US$ 4 billion. It has presence in India and international geographies over multiple business segments.
The Gopalpur Port being operational would be a big benefit for industrial units, exporters and importers close to the port who are now forced to use the Paradip or the Vizag Port.