In BJPs strong ground Mormugao taluka, Cortalim holds key to Cong fate

RuvinaKhan Vasco: The Mormugao taluka, which has four assembly constituencies Vasco, Dabolim, Mormugao, and Cortalim is viewed by the BJP as a ground where they stand solid for the upcoming Lok Sabha parliamentary elections. For a decade now, the BJP has proven its popularity in the state assembly elections here. In 2012 and []

After BJP MLAs arm-twisting, Birlas shift Goa ops to Mrashtra

Mormugao Loses Biz To Jaigarh Port

LS polls: Cong releases manifesto for Goa, promises environment protection, resumption of mining

LS polls: Cong releases manifesto for Goa, promises environment protection, resumption of mining The Congress on Sunday released a manifesto for the upcoming Lok Sabha elections in Goa, promising to protect the environment and ensure the resumption of mining in the coastal state. The Congress is contesting the two seats in the state under the banner of the anti-BJP coalition INDIA. It has fielded Ramakant Khalap from North Goa constituency, while Viriato Fernandes has been nominated from South Goa. After releasing the set of promises, Goa Pradesh Congress Committee president Amit Patkar told reporters that the people of the state are concerned that Goa is losing its identity due to massive corruption, drug trade, prostitution and many other factors. But we promise you, our candidates will raise these issues in Lok Sabha and address them, he said. Patkar said that protecting the environment, forest, wildlife and river Mhadei was crucial for Goa and that their manifesto captures these focus areas. The BJP government has failed to protect these important things. They have even failed to create employment. To divert the attention from these key issues, they are saying they have constructed highways, he said. The Congress leader said the BJP government has constructed highways for coal transportation and not for the benefit of the state. The BJP has nothing to show, hence they are saying they have built a third bridge on the Mandovi river, he said. That means they have not built the other two bridges. They can't erase the development works done by the Congress party, Patkar said. He said Congress will fight against the excessive handling of coal at Mormugao Port Authority in Vasco, claiming that it is affecting those living in its vicinity. The Congress has also promised to ensure the resumption of mining in the state. He said the BJP has failed miserably to resume it despite making promises. But we will ensure that immediate steps are taken for resumption of mining in a legal way, he said. The BJP has nominated sitting MP Shripad Naik and businesswoman Pallavi Dempo for the North Goa and South Goa seats, respectively. Both seats will go to polls in the third phase on May 7 and votes will be counted on June 4.

APSEZ breaks records: Handles 420 MMT cargo globally, sets new milestones in March 2024

The company announced that it achieved its highest ever monthly cargo volumes, exceeding 38 MMT in March 2024. Ten of APSEZ ports and terminals handled record cargo volumes- Mundra 180 MMT, Tuna 10 MMT, Hazira 26 MMT, Mormugao 5 MMT, Karaikal 12 MMT, Ennore 13 MMT, Kattupalli 12 MMT, Krishnapatnam 59 MMT, Gangavaram 37 MMT and Dhamra 43 MMT.

Adani Ports to acquire 95 per cent stake in Odisha''s Gopalpur Port for Rs 1,349 crore

Adani Ports to acquire 95 per cent stake in Odisha''s Gopalpur Port for Rs 1,349 crore Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday announced the acquisition of a 95 per cent stake in Gopalpur Ports in Odisha from Shapoorji Pallonji Group and Orissa Stevedores Ltd at an equity value of Rs 1,349 crore. In Gopalpur Ports, Shapoorji Pallonji Group (SP Group) firm SP Port Maintenance Pvt Ltd has a 56 per cent stake and Orissa Stevedores Ltd (OSL) has a 44 per cent stake. Gopalpur Port is an all-weather deep-water berthing port with a capacity of 20 million tonnes per annum (MTPA) situated in Ganjam district of Odisha. In a regulatory filing, APSEZ said that it has entered into definitive agreements to acquire the entire 56 per cent shareholding of SP Group and a 39 per cent stake of OSL in Gopalpur Port Ltd (GPL). OSL will continue as a JV partner with a 5 per cent stake, the filing added. APSEZ said the equity consideration for a 95 per cent stake is Rs 1,349 crore, with an enterprise value of Rs 3,080 crore, subject to closing adjustments. In addition to the enterprise value stated above there is a contingent consideration of Rs 270 crores estimated to be payable after 5.5 years, subject to fulfilment of certain conditions as agreed with the sellers, it added. Along with deferred payments, total enterprise value is Rs 3,350 crore. In a separate filing, SP Group informed that it has agreed to sell its stake in Gopalpur Port to APSEZ at an enterprise value of Rs 3,350 crore, as part of its deleveraging strategy with planned asset monetisation. ''Acquisition of Gopalpur Ports Limited (GPL) will drive synergy with our existing ports and strengthen APSEZs presence on the East Coast,'' APSEZ said. ''The acquisition of Gopalpur Port will allow us to deliver more integrated and enhanced solutions to our customers,'' APSEZ managing director Karan Adani said. Adani added that its location will allow APSEZ unprecedented access to the mining hubs of Odisha and neighbouring states and allow us to expand our hinterland logistics footprint. The port had recently signed up with Petronet LNG to set up a greenfield LNG regasification terminal. In FY24, GPL is estimated to handle about 11.3 MMT cargo (up 52 per cent Y-o-Y) and earn a revenue of Rs 520 crore (up 39 per cent Y-o-Y). The estimated EBITDA will be Rs 232 crore (YoY growth of 65 per cent). ''In our view, the Gopalpur Port is all set for strong growth and margin expansion in FY25 with opportunities already identified for achieving higher operational efficiencies and infra debottlenecking, implying further value accretion for APSEZ shareholders,'' APSEZ said. According to the APSEZ statement, the Odisha government had awarded a 30-year concession to GPL in 2006, with the provision of two extensions of 10 years each. The SP Group said that the port is capable of handling 20 MTPA of cargo volume. The sale of the Gopalpur Port is the second port divestment in the last few months from the SP Group, a diversified construction and infrastructure, real estate and energy conglomerate. It had earlier divested its Dharamtar Port in Maharashtra to JSW Infrastructure Ltd at an enterprise value of Rs 710 crore. The group acquired the Dharamtar Port in 2015 and successfully turned around port operations, increasing capacity from less than 1 MTPA, when it took over to an expected capacity to handle 5 MTPA in FY24. ''The planned divestments of Gopalpur Port and Dharamtar Port, at a significant enterprise value, demonstrate our group's ability to turn around assets and create stakeholder value in a relatively short period of time, capitalising our core strengths in project development and construction,'' a Shapoorji Pallonji Group spokesperson said. The spokesperson further said, ''These divestments are key milestones in our roadmap to reduce group debt and set the stage for growth, taking advantage of the macro trends for demand in our core businesses, both in India and overseas. The SP Group has been looking at several ways to reduce its debt, which has been reported to be around Rs 20,000 crore. As a deep draft, multi-cargo port, Gopalpur handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina. The port plays an important role in supporting the growth of mineral-based industries in its hinterland, like iron & steel, alumina and others. APSEZ is a part of the globally diversified Adani Group. It is the largest port developer and operator in India with seven strategically located ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala). It has seven ports and terminals on the East coast of India -- Haldia in West Bengal, Dhamra in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry, representing 27 per cent of the country's total port volumes.