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Gammon has bought the additional stake from its Spanish JV partner.
Gammon Infrastructure Projects Ltd, part of construction major Gammon India Ltd, has signed an agreement with Dragados Servicios Portuarios y Logisticos SL of Spain to acquire its 24% equity stake in Indira Container Terminal Pvt Ltd (ICTPL), according to its filing with the stock exchange.
ICTPL is a 50:50 joint venture company between Dragados and Gammon Group. Post this deal, Gammon has hiked its stake to 74% in ICTPL.
The deal further allows Gammon Infrastructure to acquire the remaining 26% equity stake of Dragados in ICTPL after three years. The transaction is subject to regulatory approvals.
Dragados is engaged in managing container terminals, port handling and maritime agency operations; and rendering traffic and support services in the ports.
Besides ICTPL stake, Gammon Infra also holds a 73.76% stake in Vizag Seaport Pvt Ltd and a 31% stake in Blue Water Iron Ore Terminal Pvt Ltd.
