IL&FS Maritime plans foray into Africa
Bullish on growth in the ports sector overseas, IL&FS Maritime Infrastructure Company (IMICL) is looking at business opportunities in Africa, a top executive said today.
"We are looking at international markets, but as of now we will be focusing on Africa," IMICL Chief Executive Saibal De said. However, he did not divulge further details.
IMICL, a 100 % subsidiary of IL&FS, is co-developing the Dighi Port and Pipavav Shipyard. It plans to increase its stake in the Dighi project. "At present, we have around 35% stake in the Dighi project. Since the project is on expansion mode, we plan to increase our investments through equity," he said, but declined to divulge investment details. The company is also looking at other opportunities in the country, De said.
"Despite a slowdown, there is demand in this sector. Therefore, we plan to increase our investment portfolio. We are looking at opportunities here," he added.
Dighi Port, located in neighbouring Raigad district, is 200 Km from Mumbai Port and about 100 Km from JNPT. IL&FS, a leading infrastructure development and finance firm, is a co-promoter and co-developer of Gujarat-based Pipavav Shipyard along with Sea King Infrastructure (SKIL) and its associates.
IL&FS has been assisting in the development of the shipyard since its inception and holds an equity stake in Pipavav Shipyard, located in the Gulf of Khambhat, some 150 nautical miles north of the Mumbai port.