Gammon Infra acquires majority stake in VSPL
Gammon Infrastructure Projects has acquired 22.8 million shares of Vizag Seaport (VSPL) increasing its stake in the firm to 73.76% and made it a subsidiary of the company. VSPL owns two berths, handling bulk cargo, at the Visakhapatnam port.
"The company has concluded the purchase of 22.8 million equity shares of Rs10 each of VSPL from International Port Services, the investment arm of Portia Management Services of the UK," Gammon Infrastructure Projects said in a statement.
"The shareholding of the company in VSPL stands increased to 73.76%, making VSPL a subsidiary of the company with effect from October 1," the statement added.