Gammon Infrastructure Projects Ltd. Tuesday said it will buy Spanish company Dragados Servicios Portuarios y Logisticos S.L.'s stake in their offshore terminal joint venture, Indira Container Terminal Pvt. Ltd.
Portuarios currently holds 50% in the company, with Gammon holding the rest.
Gammon Infrastructure said it will initially buy 24% from Portarious and purchase the remaining 26% three years after Indira Container's offshore terminal becomes commercially operational.
Gammon Infrastructure didn't say how much the company is paying for the stake acquisition.
Gammon Infrastructure's managing director, Parvez Umrigar, told Dow Jones Newswires the first phase of the offshore terminal will have a capacity of 1.3 million ton equivalent units. However, he didn't mention when the first phase is likely to be completed.
Mr. Umrigar added that investment in the first phase is expected to be 10.50 billion rupees ($225.3 million) and funds have already been tied up for it. He added that funding is in a debt-equity ratio of 4:1.
Source: WSJ