Livemint.com, 23 Dec 2008, P. Manoj
Bangalore: Singapore-based PSA International Pte Ltd, the world’s second biggest container port operator, has raised its stake in a new container handling terminal at Chennai port by 13% to 73%, after its local partner in the venture decided to settle for a 27% equity.
The new facility, with a capacity to handle 1.5 million standard containers a year, will start operations in May.
“As per the agreement with PSA, we had an option to go up to a maximum of 40%. But we decided to settle the stake at 27%,” said Sudhir Rangnekar, managing director and group chief executive of Chennai-based Sical Logistics Ltd.
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