New Delhi, Dec 9 : Gammon Infrastructure today saidit expects to complete the acquisition of 24 per cent stake inits special purpose vehicle Indira Container Terminal frompartner, Spain-based Dragados by March next year.
"We hope to complete the purchase of 24 per cent stake inIndira Container Terminal Pvt Ltd (ICTPL) by March, 2010,"Gammon Infrastructure Projects Manging Director Parvez Umrigar told PTI.
ICTPL, a joint venture between Dragados and the GammonGroup, is developing an offshore container terminal at Mumbaiport.
The transaction is subject to regulatory approvals asmay be required, Umrigar said.
Dragados is selling its stake in the JV under its globalrestructuring plan, he added.
Gammon Infra yesterday announced that it had enteredinto an agreement with Dragados Servicios Portuarios yLogisticos SL to acquire the firm's 50 per cent stake in ICTPLin two phases.
"The agreement envisages buying of 24 per cent stake in ICTPL now and a further 26 per cent equity stake after threeyears post the commencement of commercial operations of the offshore container terminal project being implemented byICTPL," the company said.
The company did not disclose financial details of the transaction.
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