Gammon Infrastructure hikes stake in Vizag Seaport

Wednesday, 07 Oct 2009

Gammon Infrastructure Projects announced that it has concluded the purchase of 22,877,500 equity shares of Vizag Seaport (P) Limited from International Port Services (P), the investment arm of Portia Management Services of UK.

The shareholding of Gammon in VSPL stand increased to 73.76%, making VSPL its subsidiary with effect from October 1st 2009.

Vizag Seaport owns two berths handling bulk cargo at the Visakhapatnam Port and presently handles more than 5 million tonnes of cargo on annualized basis. The concession of the project is for a period of thirty years till end November, 2031.

Gammon Infrastructure has two other port assets, the Indira Container Terminal, where it has 50% equity stake, which is setting up two offshore container berths at the Mumbai port besides managing the existing Ballard pier station container terminal; and the Blue Water Iron Ore Terminal, where it has 31% equity stake, which is setting up a dedicated iron ore berth at the Paradip Port in Orissa.