OP Jindal's Jindal Steel & Power Ltd is acquiring 60% stake in Gopalpur Ports Ltd from Sara International Ltd and Orissa Stevedores Ltd. The value of the deal was not disclosed.

JSPL will buy Sara International's 50% stake and Orissa Stevedores 10% stake in Gopalpur Ports.

Gopalpur Ports Ltd was formed in 2006 as a 50:50JV between Sara International and Orissa Stevedores to build a new port at Gopalpur.

The port project was awarded by the Orissa government in September 2006 for development and operations for an initial period of 30 years and extendable by another 20 years to Gopalpur Port, then a consortium of three companies- Orissa Stevedores, Sara International and Noble group.

Hongkong based Noble Group withdrew from the port project in May 2010.

The first phase of the port, build at a cost of R1,250Cr with a capacity to load 10 mt of cargo, will start operations in March 2013. Gopalpur Ports has tied up a R848.78Cr loan from a consortium of 11 banks, led by Punjab National Bank, to build the port.

Gopal Ports has invested R51.09Cr in 2007-08, Rs30Cr in 2008-09, R50Cr in 2009-10, R40Cr in 2010-11 and R250Cr in this fiscal (till September-end) in the project.

JSPL, which is setting up a six million tonne steel plant near Angul, had earlier proposed to set up a captive port at Bahuda Muhan, also in Ganjam district, on its own at a capital cost of R1424.4Cr.

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