February 07, 2011 / 16:24 IST
India's first corporate port, Ennore Port has got an in-principle nod from its board for a public issue, The Hindu Business Line reports, quoting unnamed sources.
The port now awaits an approval from the Disinvestment Commission and will shortly finalise the quantum of the issue.The central government owns 68% stake in Ennore Port, and the rest is held by Chennai Port Trust.While the port may need over Rs 800 crore in the short term for infrastructure projects, it will seek a nod to raise around Rs 500 crore through the public issue.Union Minister for shipping, GK Vasan, said Ennore Port has 14 projects worth Rs 6,466 crore lined up, including those in dredging and rail and road connectivity.For year ended March 31, 2010, Ennore Port handled 10.7 million tonne of cargo, against 11.5 million tonne during the previous fiscal.Source: The Hindu Business Line Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
