Global Infrastructure Partners, a US$1 billion private equity joint venture formed by investment bank Credit Suisse and US conglomerate General Electric Co., has agreed to buy a 25 per cent stake in Chennai Container Terminal from the Chettinad Group for an undisclosed sum, according to an India Infoline.com report.

Global Infrastructure Partners, which focuses on global infrastructure asset investments, has agreed to acquire the stake in Chennai Container Terminal through its firm International Port Holdings.

The Chennai-based Chettinad Group, owned by MAM Ramaswamy, has agreed to sell its 25 per cent stake in Chennai Container Terminal Pvt. Ltd that operates and manages a one million TEU capacity terminal at the Port of Chennai.

The world's third biggest container port operator, Dubai-government owned DP World, owns the remaining 75 per cent stake in Chennai Container Terminal.

The report, quoting Global Infrastructure Partners, stated that the transaction is conditional on obtaining regulatory clearance from the Union government and approval from the Chennai Port Trust.

The financial terms of the transaction were not disclosed.