Financial Daily from THE HINDU group of publications
Monday, Jun 28, 2004
Financial Daily from THE HINDU group of publications Monday, Jun 28, 2004 |
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Logistics
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Shipping Corporate - Mergers & Acquisitions AMP to double equity stake in Gujarat Pipavav Port Dinesh Narayanan
Mumbai , June 27 AMP of Australia is talking with fellow shareholders in Gujarat Pipavav Port Ltd (GPPL) to double its 4 per cent ownership in the company that is building a modern deepwater port and container terminal on the Saurashtra coast. According to a source, the Australian financial conglomerate is likely to pick up another 4 per cent equity at around Rs 80 per share in an A$12-million deal, identical to the one in 1999 when it first bought ownership in the port company, a first in the Indian private sector. A top GPPL official, who wished not to be named, confirmed the development. The source said AMP is likely to pick up the stake through the Infrastructure Fund of India, an A$100-million, seven-year offshore fund co-promoted with Asian Development Bank to invest in unlisted infrastructure companies in India. AMP's initial investment in GPPL is controlled through India Infrastructure Fund, another offshore private equity fund it promoted with UTI. That fund has also invested in Indraprastha Gas Ltd, Tata Teleservices (Maharashtra) and Bharti Televentures. Other shareholders in GPPL include Sea King Infrastructure Ltd, the original promoter, the Danish container shipping line Maersk, Port of Singapore Authority, the British private equity fund Actis, and New York Life. Currently the operational control of the port is with Maersk, which is reportedly keen to buy out Sea King from GPPL. However, media reports suggest that both the parties have so far failed to agree on a price. The first phase of the container terminal with a capacity to handle 5 lakh TEUs is expected to be ready by the end of this year. GPPL will expand handling capacity and container yard area in the second phase that will be completed by 2007.
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