PSA International Pte Ltd, the world’s second biggest container port operator, has won approval from the shipping ministry to sell up to 26% stake in a container terminal it runs at Chennai port to its local partner ABG Ports Pvt. Ltd.
PSA International, fully owned by Temasek Holdings Pte Ltd, the sovereign wealth fund of Singapore, had sought state-owned Chennai port’s permission to induct ABG into Chennai International Terminals Pvt. Ltd as a consortium member, one of the people, who is an official at the port, said on condition of anonymity. Full story
