The Port of Singapore Authority, a global leader in port management and services, will acquire a 12% stake in ABG Heavy Industries for close to Rs 50 crore. Sources said PSA will pay between Rs 325-350 per share.
ABG is setting up two container terminals in Kolkata and Kandla. That apart, it is also working on a multi-cargo terminal for containers and bulk cargo in Mangalore. Total investments in these projects is expected to be in the range of Rs 300 crore. ABG’s shares on the BSE hit the upper circuit on Monday and closed at Rs 296.