Adani Ports and Special Economic Zone Ltd, Brookfield Asset Management and Shapoorji Pallonji Group have filed an expression of interest to buy the 49.05 per cent stake held by four private equity firms in Karaikal Port Pvt Ltd.
Karaikal Port Pvt Ltd runs the all-weather port developed in the Build, Operate and Transfer (BOT) format under the Public Private Partnership (PPP) mode on a 30-year concession awarded by the Puducherry government. The port started operations in June 2009.
Private equity firms, Standard Chartered Private Equity, Ascent Capital, NYLIM Jacob Ballas India and GIP India together hold 49.05 per cent stake in Karaikal Port. Indian Bank holds 36.75 per cent in the port operating company, while MARG Ltd, the original promoter of the port, holds 7.69 per cent stake.
Adani Ports and Special Economic Zone as well as Brookfield Asset Management “declined to comment”, while Shapoorji Pallonji said it had “no comment” to offer.
The sale process is being managed by Ambit Capital.
In February this year, the Philippines-based AG&P (Atlantic, Gulf and Pacific Company) said it had signed an exclusivity pact with Karaikal Port to develop an LNG import terminal at the port, including LNG sourcing and supply. AG&P also signed an agreement with PPN Power to supply LNG.