Standard Chartered Equity invests Rs.130 crore in Karaikal port

Chennai : Karaikal port’s operating company Karaikal Port Private Ltd. Wednesday announced an investment of Rs.130 crore by Standard Chartered Private Equity (Mauritius) Ltd. by way of primary and secondary investments.

In a statement issued here, Marg Ltd., the parent company of Karaikal Port Pvt. Ltd., said the investment by Standard Chartered Private Equity is for a minority stake.

The primary subscription funds will be used for expansion plans of the port, located in the Puducherry union territory.

“There is strong demand for high quality port infrastructure to service expanding external trade and increasing needs for multiple commodities for the growing economy. This strong macro demand combined with several ports in the country already being capacity constrained or facing other logistical and infrastructural challenges presents a solid opportunity for newer and modern private sectors ports like Karaikal,” the statement quoted Standard Chartered Equity managing director Rahul Raisurana as saying.

Raisurana will be joining the Karaikal Port board.