Essar Ports gets Rs 175 cr investment from Port of Antwerp
Essar Group company Essar Ports today said Port of Antwerp International (PAI) has invested Rs 175 crore in the company as part of a strategic alliance.
Essar Group company Essar Ports today said Port of Antwerp International (PAI) has invested Rs 175 crore in the company as part of a strategic alliance.
PAI has invested approximately Rs 175 crore in Essar Ports at a price of Rs 100 per equity share of the company through Global Depository Receipt (GDR), the company said in a statement."Essar Ports announced the creation of a long-term strategic alliance with Port of Antwerp International in Belgium and an investment of approximately Rs 175 crore by PAI in Essar Ports," the statement said.The partnership is aimed at technical assistance for port planning, process improvement, and quality and productivity improvement.PAI's investment in Essar Ports is long-term and strategic in nature, focusing on the commercial relationship between the two companies and mutually enhancing the productivity, skill set and performance, the statement said.PAI will also have the right to nominate a director on the Board of Essar Ports and Jan Adam, CFO- Port of Antwerp has been appointed as Non-Executive Director in the Board of Essar Ports Ltd, it said.PAI is the authority for the port of Antwerp, which is an international port based in Belgium, and the second-largest port in Europe. It handles 187 million tonnes of freight in 2011."This partnership will promote growth of port traffic between Port of Antwerp and ports of Essar and help us in developing world class port facilities with focus on quality, productivity and environment," Managing Director of Essar Ports Rajiv Agarwal said.Essar Ports has two operational ports at Hazira and Vadinar in Gujarat. 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!
