PE fund Jacob Ballas invests $38 mln in MARG Karaikal Port

MUMBAI (Reuters) - India-focused private equity firm Jacob Ballas, backed by New York Life International, has invested $38 million in Marg Karaikal Port, a unit of MARG Ltd , for a minority stake, the south Indian infrastructure firm said on Wednesday.

The port will use the funds to expand capacity to 28 million metric tonnes per annum, it said in a statement.

MARG Karaikal Port is an all-weather port on the south east coast of India.

Last year, Ascent Capital invested about 2 billion rupees to pick a minority stake in the firm.

The Indian Infrastructure Fund backed by India's IDFC and Citigroup had invested in the port in 2010.

(Reporting by Indulal PM)