The Hindu Business Line : Global Infra buying 25% in Chennai Container

Global Infrastructure Partners (GIP), through its parent International Port Holdings portfolio company of the UK, will acquire a 25 per cent stake in Chennai Container Terminal Private Ltd (CCT). It will acquire the 20 per cent shares from the Chennai-based Chettinad Group and the balance five per cent from the M.B. Eduljee Cassinath Group. The transaction is over except for clearance from the Government of India and the Chennai Port Trust. The financial terms of the transaction were not disclosed, according to sources.

The GIP is a private equity firm focused on global infrastructure asset investments.

The private terminal at Chennai was built and developed by P&O Ports in September 2001 and is now operated by Dubai Ports World, which will hold the remaining 75 per cent in CCT.

Mr Adebayo Ogunlesi, Chairman and Managing Partner, Global Infrastructure Management, LLC, in a press release said CCT provides a foothold in the India port sector and CCT offers tremendous potential for further development.

“This investment advances our global strategy of adding well-run port operating assets to GIP’s IPH portfolio.”

CCT has invested over $100 million in the container terminal. In five years, its container handling nearly doubled to 8.30 lakh TEUs (twenty foot equivalent units) in 2006.

More Stories on : Mergers & Acquisitions | Shipping

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Global Infra buying 25% in Chennai Container

Build 150-seater civilian aircraft: Kalam

Southern Rly introducing 7 new trains

WiFi at Bangalore, Jaipur Rly stations

Highway bidding process dogged by clearance delays