Global port operator, the Port of Singapore Authority (PSA), has acquired a 49 per cent stake in a wholly-owned subsidiary of ABG Infralogistics, ABG Kolkata Container Terminal, in India.
PSA already holds 12 per cent in ABG Infralogistics, which was earlier called ABG Heavy Industries.
According to sources PSA India paid INR150 crore (US$37.9 million) for the 49 per cent in ABG Kolkata Container Terminal. PSA is also expected to purchase a slice of the Kandla terminal, having entered into agreements for the two ABG subsidiaries, according to a report by the Economic Times of India. The funds will be used for ABG expansion.
"We are in a capital-intensive sector, and need capital to grow. We are looking at bringing in investors. But our talks are at a very preliminary stage," said Mr Agarwal, who along with his brother Rishi Agarwal, holds 60 per cent of ABG Infralogistics.
ABG Infralogistics has been operating the Kolkata container terminal under an own-operate-maintain (OOM) contract since April 2005, handling 170,000 TEU during the 2006-07 financial year, with goals to handle more than 200,000 TEU this fiscal year
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