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.
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Dredging Today Staff, July 16, 2012; Image: pipavav