Chennai-based infrastructure firm Marg today said Standard Chartered Private Equity (Mauritius) has put Rs 130 crore in its subsidiary Karaikal Port for a minority stake.
The port will use the fund to part-finance its capacity expansion from 21 million tonnes per annum (mtpa) to 28 mtpa, Marg said in a communique to the BSE.
Following the investment, Standard Chartered Private Equity's Managing Director Rahul Raisurana would join in the Karaikal Port Board.
Motilal Oswal Investment Advisors acted as transaction advisors for both Standard Chartered Private Equity and Karaikal Port, the statement added.
Karaikal Port is located on the country's south-east coast and falls between Chennai Port and Tuticorin Port. Marg intends to jack up the port capacity to 45 mtpa by 2017.
The port has already received investments from three institutional investors - India Infrastructure Fund, Ascent Capital Advisors and NYLIM Jacob Ballas India Fund III LLC.
"Karaikal Port posted an impressive performance and it has consolidated its position as the new Maritime gateway to central Tamil Nadu. Going forward, Karaikal Port is confident of setting higher standards of performance," Port's Executive Director MLN Acharyulu said.
