Karaikal Port gets equity infusion of Rs200 crore
Karaikal Port, a subsidiary of Marg Ltd, announced that NYLIM Jacob Ballas India (FVCI) III LLC has invested Rs200 crore (by way of primary and secondary investments) in Marg Karaikal Port for a minority stake. The funds will be used for the Marg Karaikal Port expansion plans which will enhance the port’s capacity from the already planned expansion of 21 MMTPA to 28 MMTPA.
The all-weather port on the South East coast of India is notably the only all weather, deep water, multi-commodity port between Chennai port and Tuticorin port and is strategically located in the middle of this 680 km coastline, which makes it the new gateway to the state of Tamil Nadu.
GRK Reddy, chairman and managing director, Marg said, “The investment from NYLIM-JB Fund into Marg Karaikal Port comes in at an opportune time. The port had already attracted private equity investments by India Infrastructure Fund and Ascent Capital Advisors in the past. With the present investment, the port has three institutional investors adding value by their infrastructure exposure and expertise to augment and fuel the ambitious growth plans of Karaikal Port.”
Sunil Chawla, partner, Jacob Ballas Capital India, investment advisor to the investment manager of NYLIM-JB Fund, said “The need for incremental, efficient port infrastructure in the country is well known, given increasing volumes and the relatively high turnaround time at some of our ports. Against that backdrop, we see Karaikal Port emerging as a port of choice on the southeastern coast of India, with efficient operations backed by world class infrastructure.”
Sunil Chawla will be joining the Board of Directors of KPPL.