Mumbai: Karaikal Port Pvt. Ltd, a subsidiary of Chennai-based infrastructure company Marg Ltd, said on Wednesday that Standard Chartered Pvt. Equity (Mauritius) II Ltd has invested Rs 130 crore in Marg Karaikal Port for a minority stake.
Marg Karaikal Port will use the funds to expand its capacity from 21 million tonnes per annum to 28 mtpa, it said in a statement.
MARG Karaikal Port is a multi-commodity port between Chennai and Tuticorin.
”There is strong demand for high quality port infrastructure to service expanding external trade and increasing needs for multiple commodities for the growing economy,” said Rahul Raisurana, managing director of Standard Chartered Private Equity, who will be joining Karaikal Port’s board.
The other investors in MARG Karaikal Port are India Infrastructure Fund, Ascent Capital Advisors and NYLIM Jacob Ballas India Fund III LLC.
Motilal Oswal Investment Advisors Pvt. Ltd advised Marg and Karaikal Port in the deal.