Mumbai: Private equity firm Global Infrastructure Partners (GIP) has announced plans to acquire a 25% stake in Chennai Container Terminal Private Limited (CCT) for an undisclosed sum. The terminal, located on the South East Coast of India, is currently operated by Dubai Ports World, which holds the remaining 75% stake.
The acquisition, to be conducted through GIP's portfolio company International Port Holdings (IPH), is conditional on obtaining regulatory clearance from the Government of India and approval from the Chennai Port Trust.
CCT is the second largest private container terminal in India overall by traffic volume ?" which has grown at a compounded annual rate of 18.7% since its opening in 2001. It saw a throughput of 829,307teu in 2006.
"We are delighted that one of our first emerging market investments is in such a high growth, high quality asset within India's manufacturing hub," said Adebayo Ogunlesi, chairman and managing partner of Global Infrastructure Management. "CCT provides a significant opportunity to gain a foothold in one of the most promising areas in the port sector, and the facility itself offers tremendous potential for further development. This investment significantly advances our global strategy of adding well-run port operating assets to GIP's IPH portfolio." [02/07/07]
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