Karaikal Port Pvt. Ltd., a unit of Indian infrastructure company Marg Ltd., said Wednesday Standard Chartered Private Equity (Mauritius) II Ltd. has bought a minority stake in the company for 1.3 billion rupees ($23 million).
A part of the funds will be used to expand the Marg Karaikal Port capacity to 28 million metric tons a year from 21 million tons, Karaikal Port said in a press release.
The all-weather, deep-water, multi-commodity port is located between Chennai and Tuticorin ports in southern India, the release said. Indian private equity firm Ascent Capital, NYLIM Jacob Ballas India Fund III LLC, a fund managed by non-banking finance firm Jacob Ballas Capital India Private Ltd., and Citigroup Inc. are among investors in Karaikal Port, the press release said.
Motilal Oswal Investment Advisors Pvt. Ltd acted as the transaction advisor for Marg and Karaikal Port.
Source: WSJ