Bennett, Coleman & Company (BCCL) has acquired a stake in Chennai- based MARG Constructions. MARG Constructions is among India's fastest growing diversified infrastructure development companies. Established in 1994, MARG Constructions is listed on the Bombay, Madras and the Luxembourg stock exchanges.
The company is promoted by G R K Reddy, who channelled MARG into infrastructure projects as diverse as IT Parks, power, ports, roads, retail and real estate.
Commenting on the tie-up, Reddy, CMD of MARG said, ‘‘We aspire to maximize value to our stakeholders by continuously identifying opportunities, developing people, processes and systems. Our methodology integrates innovation and world-class technologies with professionalism and social responsibility. Times Group's investment would reinforce our confidence in the company's future.''
MARG is presently implementing the Karaikal Port Project under BOT format through a concession agreement with government of Puducherry. The port with anultimate capacity of 10 million tonnes per annum (mtpa), is being implemented in two phases—Phase I of 4 mtpa and remaining capacity addition in Phase II. The company has also purchased a Cutter Suction Dredger from China titled ‘MARG Cauvery' of 2000 cubm/hour capacity at a landed cost of about Rs 52 crore.
Source: Times of India