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A subsidiary company under the major construction company, Gammon India named the Gammon Infrastructure Projects, has recently announced that it is planning to increase its stake in the Vizag Seaport (VSPL), very soon. The company officials have stated that they are intending to increase the stake for about Rs 33 crore and this increment will help the company operate its activities in a better way.
The Gammon Infrastructure Projects has also released an official statement on Monday for informing the Bombay Stock Exchange regarding the matter. According to the official statement, the company has already exercised its call option for purchasing 2.28 crore shares from the joint venture partner International Port Services. The statement added that the VSPL has also allotted a number of 80 lakh shares to a subsidiary of the Gammon Infrastructure, named the Cochin Bridge Infrastructure Company, on conversion of loan into equity at par. The statement also said, "Upon completion of the two transactions, the shareholding of Gammon Infrastructure in VSPL would stand increased to 73.76% from the present 42.22%". The industry sources have informed that the VSPL is owning two berths handling bulk cargo at the Visakhapatnam Port at the moment.
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| Posted : 4/8/2008 |
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