The private owners of one of India's fastest growing ports said they will launch an initial public offering in Mumbai this week to raise $375 million to fund ambitious expansion plans.

The Adani Group, which operates the multi-use Mundra Port in the western state of Gujarat, told reporters last week that the money would go to expand cargo-handling facilities aid development of a special economic zone near the port and a rail line that links the port to India's larger rail system.

The port, which handled 20 million tons of cargo in the last fiscal year, is expecting volume to quadruple by 2012.

The IPO will involve the sale of more than 40 million shares at 10 rupees (about 25 cents) apiece.