Gammon Infrastructure Projects today announced that it has concluded the purchase of 22,877,500 equity shares of Vizag Seaport (P) (VSPL) from International Port Services (P), the investment arm of Portia Management Services of UK.
The shareholding of Gammon in VSPL stand increased to 73.76%, making VSPL its subsidiary with effect from Oct. 1, 2009.
VSPL owns two berths handling bulk cargo at the Visakhapatnam Port and presently handles more than 5 million tons of cargo on annualized basis. The concession of the project is for a period of thirty years till end November, 2031.
Gammon Infrastructure has two other port assets, the Indira Container Terminal (P), where it has 50% equity stake, which is setting up two offshore container berths at the Mumbai port besides managing the existing ballard pier station container terminal; and the Blue Water Iron Ore Terminal (P), where it has 31% equity stake, which is setting up a dedicated iron ore berth at the Paradip Port in Orissa.
Shares of the company declined Rs 2.2, or 2.24%, to trade at Rs 96. The total volume of shares traded was 3,599 at the BSE (11.33 a.m., Tuesday).
The shareholding of Gammon in VSPL stand increased to 73.76%, making VSPL its subsidiary with effect from Oct. 1, 2009.
VSPL owns two berths handling bulk cargo at the Visakhapatnam Port and presently handles more than 5 million tons of cargo on annualized basis. The concession of the project is for a period of thirty years till end November, 2031.
Gammon Infrastructure has two other port assets, the Indira Container Terminal (P), where it has 50% equity stake, which is setting up two offshore container berths at the Mumbai port besides managing the existing ballard pier station container terminal; and the Blue Water Iron Ore Terminal (P), where it has 31% equity stake, which is setting up a dedicated iron ore berth at the Paradip Port in Orissa.
Shares of the company declined Rs 2.2, or 2.24%, to trade at Rs 96. The total volume of shares traded was 3,599 at the BSE (11.33 a.m., Tuesday).