Standard Chartered Private Equity (Mauritius) II Ltd has invested Rs 130 crore for a minority stake in Karaikal Port Private Ltd.
The funds will be used in development work to enhance the port’s capacity to 28 million tonnes per annum from 21 MMTPA.
Motilal Oswal Investment Advisors acted as the transaction advisor for MARG group.
Karaikal port had already attracted private equity investments from India Infrastructure Fund, Ascent Capital Advisors and NYLIM Jacob Ballas India Fund III LLC. Standard Chartered is the fourth investor.
With a healthy business and political environment, location advantage and better infrastructure, Karaikal is poised to be the ‘most strategic and efficient’ port on the South East coast of India, said Mr G.R.K. Reddy, Chairman and Managing Director, MARG Ltd, in a press release.
Mr Rahul Raisurana, Managing Director, Standard Chartered Private Equity, will join the port’s board. There is strong demand for high quality port infrastructure to service expanding external trade and increasing needs for multiple commodities for growing economy, he said.
The port, located between Chennai and Tuticorin ports, is a deepwater, all-weather port on the South-East coast of India. Awarded on a build, operate and transfer basis by the Government of Puducherry in 2006, the port when fully developed is envisaged to have a total of nine berths capable of handling up to 45 MMTPA.
The port is to be developed over three phases with the final phase getting operational by 2017.
BASED ON THE NEW DEVELOPMENTS IN KARAIKAL PORT I LIKE TO BUY SOME MORE SHARES OF MARG LTD AT 80 RANGE
No comments:
Post a Comment