UK-based Portia Management Services, an arm of Mersey Docks and Harbour Co, will hold a 26 per cent stake in Vizag Sea Ports Ltd (VSPL) , a joint venture set up to construct and operate two cargo berths at Visakhapatanam (Vizag) in South India on build, operate and transfer (BOT) basis (see WorldCargo News March 2002, p12) .
According to the Business Standard newspaper, the Indian partner in VSPL is infrastructure construction company, Gammon India Ltd, which will have a 25 per cent stake.
The equity size has not been finalised as it will largely depend on the type of cargo handling equipment to be provided at the two berths, which are scheduled to be operational by December next year. Construction of the berths is likely to cost Rs450 mill (US$9.2 mill) , with cargo han-dling equipment adding Rs1.752 bill (US$35-40 mill) ....
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Approx 200 words from WorldCargo News, April 2002,
page 11.
