Stan Chart PE acquires stake in Karaikal Port for Rs 130 cr

Standard Chartered Private Equity acquired a minority stake for Rs 130 crore in Karaikal port for expansion of the port facility.

FP Archives|Dec 20, 2014, 09:46:48 IST

Standard Chartered Private Equity invested Rs 130 crore in Karaikal Port on Wednesday by way of primary and secondary investments for a minority stake. The primary subscription funds will be used for expansion plans of the port, located in the Puducherry union territory.

[caption id="attachment_360052" align="alignleft" width="380" caption="The funds will be used for expansion plans of the port, located in the Puducherry union territory. Moneycontrol.com"][/caption]

Stating the demand for high quality port infrastructure, Standard Chartered Equity managing director Rahul Raisurana said that several ports in the country are still facing capacity constraints.

"The logistical and infrastructural challenges presents a solid opportunity for newer and modern private sectors ports like Karaikal," the statement quoted Standard Chartered as saying.

Raisurana will be joining the Karaikal Port board.

IANS

China property sector distress deepens as second company runs into financial troubles

Fantasia Holdings missed the deadline to repay a $205.7 million loan

Labour codes unlikely to be implemented this fiscal due to slow progress on drafting of rules, political considerations

Once the wages code comes into force, there will be significant changes in the way basic pay and provident fund of employees are calculated.

Parliamentary panel suggests fine/jail for celebrities of misleading ads

To make celebrities accountable for misleading ads, a Parliamentary Standing Committee today recommended stringent provisions including jail term up to five years and hefty penalty of up to 50 lakh in order to protect consumer interest.

Tiger trails boost tourism to 230 per cent in 2015

With the increase in the number of tourists interested in tiger trails, it is expected that the revenues it will generate can be used for the welfare of the endangered species, remarked Nair.

Progress Software to select five teams for incubator program, calls for entries

Progress senior leadership will then select five teams with the most innovative business app ideas to take part in the six-month program, starting November 1, 2015.

Up Next