Gujarat Pipavav Port Ltd (GPPL) on Monday said it plans to invest Rs 1,097 crore on expansion of Pipavav Port in Gujarat and has also concluded a capital-raising exercise of Rs 350 crore through Qualified Institutions Placement (QIP) and a preferential issue to its promoter, mainly to prepay the existing loan, reports thehindubusinessline.
Promoter APM Terminals’ shareholding in the company will continue to be maintained at 43.01% after the capital raising, said GPPL.
“We propose to increase capacity for container cargo to around 1.5 million TEUs and for bulk cargo to around 10 million tonne,” said managing director Prakash Tulsiani.
Plan implementation will help the Port to handle post-Panamax vessels, the plan, also, includes dredging, three new cranes, increasing yard capacity.
Dredging Today Staff, July 16, 2012; Image: pipavav