FE has reported that Gopalpur Ports Ltd is considering floating IPO of Rs 1,200 crore later this year for funding expansion and development of a special economic zone to tap the huge potential to export the vast mineral resources found in the region like coal, limonite, aluminium and iron ore.

Mr DP Singh chairman of the Gopalpur Ports Ltd consortium told that "Out of a total outlay of Rs 1800 crore for the project, we would go for IPO to raise Rs 1,200 crore from the market this year and the remaining money would be our equity."

However Mr Singh added that the decision is in its initial stage and the company is yet to acquire land and finalize the other formalities required to set up a SEZ.

Gopalpur Ports Ltd is a consortium comprising of Orissa Stevedores Ltd, Sara International Ltd and Noble Group Ltd and signed an agreement with the Orissa government to develop Gopalpur port into a fair weather port. GPL aims to develop the port in a manner that will be able to handle at least 75,000 tonne of cargo every month during January to October, 2007.