PSA acquires bought 49 per cent stake

Port of Singapore Authority (PSA), one of the world’s largest port operators, has reportedly bought 49 per cent stake in ABG Infralogistics’ subsidiary, ABG Kolkata Container Terminal, Exim News Service reported.

It is learnt that PSA is also looking to acquire a stake in another wholly-owned subsidiary of ABG—ABG Kandla Container Terminal.

PSA already holds 12 per cent equity in ABG Infralogistics. ABG Infralogistics was earlier known as ABG Heavy Industries.

We are in a capital-intensive sector, and need capital to grow. We are looking at bringing in investors. But our talks are at a very preliminary stage, Mr Saket Agarwal, Managing Director of ABG Infralogistics, said.

The company’s expansion plans include a Rs 300-crore investment in its crane manufacturing capacity, and up to Rs 2,000-crore investment in the port sector.

It now operates the Kolkata Container Terminal under the own-operate-maintain (OOM) route since April 2005.

Source: Transportweekly