Gammon Infrastructure Projects Ltd, part of construction major Gammon India Ltd, has hiked its stake in Vizag Seaport Pvt Ltd to 73.76% from 42.22%, according to its filing with the stock exchange.
The move follows Gammon Infrastructure's purchase of 2.28 crore equity shares of Vizag Seaport Pvt Ltd (VSPL) from International Port Services Pvt Ltd, the investment arm of UK-based Portia Management Services Ltd (Gammon's joint venture partner in VSPL).
Though the company did not disclose the value of the transaction, reports suggest it could be around Rs 33 crore.
VSPL owns two berths for bulk cargo at the Visakhapatnam port and currently serves over 50 lakh tones of cargo annually.
Apart from VSPL stake, Gammon has two other port assets -- Indira Container Terminal Pvt Ltd in which it owns 50% equity stake and Blue Water Iron Ore Terminal Pvt Ltd where it has 31% equity stake. Indira Container Terminal is engaged in developing two offshore container berths at the Mumbai port besides managing the existing Ballard Pier Station Container Terminal, while the Blue Water is engaged in developing a dedicated iron ore berth at the Paradip Port in Orissa.