Reports say PSA India is set to pay owners ABG Infralogistics some $37.9 million for the stake. ABG Infralogistics runs the Kolkata facility under an own-operate-maintain contract it acquired in 2005.
The terminal handled 170,000 TEUs in the fiscal year 2006 – 2007 and a throughput of 200,000 TEUs is expected for the fiscal year 2007 – 2008.
The deal would also see PSA subscribing to preference shares in ABG Kandla Container Terminal although no further details on that project are currently available.
The Kandla Port Trust handed over control of facilities there to ABG last April and already ABG is planning to handle 200,000 TEUs or 25% more containers this fiscal year than last.
ABG announced late last year that it wanted to sell stakes in the two terminal subsidiaries (Kolkata and Kandla Container Terminal).
According to the Economic Times, PSA, which already owns 12% of ABG Infralogistics, won the acquisition ahead of competition including the Mediterranean Shipping Company (MSC) and Zim Integrated Shipping Services Ltd (ZIM).
ABG is planning to use the funds acquired for upcoming expansion projects.
The latest acquisitions from ABG demonstrates PSA's commitment to port projects in India.
Other than Tuticorin Container Terminal, which has been on stream since 1999, PSA's other Indian projects include facilities in Chennai and Hazira due to be operational by end 2008 and 2009 respectively.
The terminal handled 170,000 TEUs in the fiscal year 2006 – 2007 and a throughput of 200,000 TEUs is expected for the fiscal year 2007 – 2008.
The deal would also see PSA subscribing to preference shares in ABG Kandla Container Terminal although no further details on that project are currently available.
The Kandla Port Trust handed over control of facilities there to ABG last April and already ABG is planning to handle 200,000 TEUs or 25% more containers this fiscal year than last.
ABG announced late last year that it wanted to sell stakes in the two terminal subsidiaries (Kolkata and Kandla Container Terminal).
According to the Economic Times, PSA, which already owns 12% of ABG Infralogistics, won the acquisition ahead of competition including the Mediterranean Shipping Company (MSC) and Zim Integrated Shipping Services Ltd (ZIM).
ABG is planning to use the funds acquired for upcoming expansion projects.
The latest acquisitions from ABG demonstrates PSA's commitment to port projects in India.
Other than Tuticorin Container Terminal, which has been on stream since 1999, PSA's other Indian projects include facilities in Chennai and Hazira due to be operational by end 2008 and 2009 respectively.