Mumbai-based public listed ABG Infralogistics has bought out the 49 per cent equity stake held by its foreign partner PSA in ABG Kolkata Container Terminal Pvt Ltd, formerly known as Cardinal Logistics Pvt. Ltd, according to a stock market disclosure.
Financial details of the transaction are not disclosed.
ABG Kolkata operates at berths 4 and 8 of Netaji Subhas Dock (NSD) system of Kolkata Port Trust and is engaged in handling containers at these berths. For the year ended March 31, 2014 it had revenues of Rs 26.6 crore with net profit of Rs 6.4 crore.
ABG Infralogistics held around 51 per cent stake in the firm with the rest being held by PSA India Pte, an Indian arm of Singapore-based PSA International Pte. Ltd, which is the world’s-biggest container port operator. PSA is fully owned by Temasek Holdings Pte Ltd, the state-owned investment firm of Singapore.
In February 2008, PSA had acquired a 49 per cent equity stake in ABG Kolkata Container Terminal for around Rs 50 crore.
Port logistics firm ABG Infralogistics, formerly known as ABG Heavy Industries Ltd, started as a crane rental company in 1983 and has diversified into broader infrastructure solutions business.
(Edited by Joby Puthuparampil Johnson)
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