Dubai Ports World is buying out its joint venture partners in its Chennai container terminal, the Hindu Business Line reported Wednesday.
The Dubai-based terminal operator, one of the biggest foreign investors in Indian ports, held a 75 percent stake in the terminal, but will over the next two weeks buy out the remaining 25 percent from its two partners. Chettinad Logistics holds the biggest minority stake, at 20 percent.
Chennai is the busiest container cargo gateway on India's East Coast and second only to the Jawaharlal Nehru Port near Mumbai in terms of annual container throughput.
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