Vizag Seaport becomes part of Gammon Infra
06 Oct 2009
Gammon Infrastructure Projects Ltd has acquired 22.8 million shares of Vizag Seaport Pvt Ltd, increasing its stake in the firm to 73.76 per cent and thereby making VSPL a subsidiary of the company.
VSPL owns two berths, handling bulk cargo, at the Visakhapatnam port.
"The company has concluded the purchase of 22.8 million equity shares of Rs10 each of VSPL from International Port Services, the investment arm of Portia Management Services of the UK," Gammon said in a filing with the Bombay Stock Exchange today.
"The shareholding of the company in VSPL stands increased to 73.76 per cent, making VSPL a subsidiary of the company with effect from 1 October," it further said. The company did not provide financial details of the transaction.