Antwerp port to buy stakes in Essar Ports projects in six months
“We will pick up stakes in different port projects of Essar,” said a senior company official of the Port of Antwerp. “We will do it over a span of six months from now.” The Belgian port major will partner with the Ruias of Essar by forming a special purpose vehicle to build ports.
“We had signed an MoU last year,” a senior company official said. “We have not concluded any talks with Port of Antwerp.”
Ruias, the promoters of the diversified conglomerate, own an 83.71% stake in Essar Ports, while rest 16.2% is held by the public.
PAI signed an MoU with Essar Ports in February, 2011, to provide advisory and consultancy, investment, training and enhancing commercial relations in both India and abroad.
The MoU with Essar Ports, which can handle 88 million metric tonnes or mmt cargo a year, was part of PAI's ambition to expand in fast-growing economies like India, Brazil and Africa. PAI handled 178.2 mmt of freight in 2010.
As per the shipping ministry's maritime agenda 2010-2020, port traffic is expected to triple in next 10 years to 2,495 mmt and capacity to 3,130 mmt.
Essar Ports, which owns a port each in Vadinar and Hazira in Gujarat, primarily handles crude and petroleum products for the group's refinery and iron ore and coking coal for its steel plants. The company has been trying to increase
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