APM Terminals is in talks with Adani Group and JSW Group to sell its 74% stake in Gateway Terminals India Pvt. Ltd, the Mint reported, citing three people aware of the development.
Gateway Terminals is a joint venture between Container Corporation of India Ltd and APM Terminals Mauritius Ltd. APM Terminals holds a 74% stake in the JV and Container Corporation owns the rest.
The joint venture was incorporated in 2004 and operates a container terminal at Jawaharlal Port in Mumbai.
Hague-based APM Terminals is a leading global port and cargo inland services provider with a presence in 59 countries. It is part of shipping giant AP Moller–Maersk.
In 2015-16, Gateway Terminals registered revenue Rs 410.59 crore and a net profit of Rs 31.35 crore.
In another report, Mint said Mumbai-based shipping and dredging company Mercator Ltd is planning to carve out its dredging operations into a separate unit and plans to raise as much as $200 million from financial and strategic investors for that business.
Mercator will initially carve out the dredging business as a subsidiary on a slump sale basis, with an option to go for a complete demerger in the future, the report said, citing two people aware of the development.
Earlier this month, The Times of India had reported that Mercator was in talks with Canadian billionaire Prem Watsa’s Fairfax Group and Dutch dredging company Van Oord to bid for a controlling stake in Dredging Corporation of India Ltd.