Mumbai:
Private equity firm Global Infrastructure Partners
(GIP) will buy a 25-per cent stake in the Chennai Container
Terminal Private Ltd (CCT) for an undisclosed sum, through
its International Port Holdings (IPH).
The
transaction is conditional on obtaining regulatory clearance
from the government of India and approval from the Chennai
Port Trust".
CCT
was built and developed by P&O Ports and is now operated
by Dubai Ports World, which holds the remaining 75 per
cent interest in it. Since its inception in 2001, CCT''s
traffic volume has grown at a compounded annual rate of
18.7 per cent, making it the second fastest growing container
terminal in the country.
The
terminal serves the strategically important trade route
between Europe and the Far East.
Adebayo
Ogunlesi, chairman and managing partner, Global Infrastructure
Management was quoted in a company release as saying,
"We are delighted that one of our first emerging
market investments is in such a high- growth, high-quality
asset within India''s manufacturing hub.
"CCT
provides a significant opportunity to gain a foothold
in one of the most promising areas in the port sector...
This investment significantly advances our global strategy
of adding well-run port operating assets to GIP''s IPH
portfolio.
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