Shares of Jindal Steel & Power rose over 3%, touching the monthly high of Rs561.25, on reports the company is looking to buy a majority stake in Gopalpur Ports to foray into the ports sector.
As per reports, Jindal Steel & Power Ltd ( JSPL) is set to buy a majority 60% stake for an undisclosed sum in Gopalpur Ports, the company building a new port at Gopalpur in Orissa. The company is looking for a maritime gateway to ship the raw materials required for its steel and power plant coming up in Orissa.
JSPL and Gopalpur Ports are yet to sign the share purchase agreement, which will happen by end of February or early March, reports added. JSPL will buy the stake from Sara International and Orissa Stevedores, the original promoters of Gopalpur Ports.
The equal joint venture between Sara International and Orissa Stevedores had been awarded the port project by the Orissa government in September 2006 for development and operations for an initial period of 30 years and extendable by another 20 years, reports added. JSPL will also buy another 10% stake from Orissa Stevedores. Hence, after the deal, Gopalpur Ports will be 60% owned by JSPL and 40% by Orissa Stevedores.
Gopalpur Ports is being developed with an investment of over Rs2,000 crore in three phases with a capacity to load 40 million tonnes (mt) of cargo a year.
....more info
As per reports, Jindal Steel & Power Ltd ( JSPL) is set to buy a majority 60% stake for an undisclosed sum in Gopalpur Ports, the company building a new port at Gopalpur in Orissa. The company is looking for a maritime gateway to ship the raw materials required for its steel and power plant coming up in Orissa.
JSPL and Gopalpur Ports are yet to sign the share purchase agreement, which will happen by end of February or early March, reports added. JSPL will buy the stake from Sara International and Orissa Stevedores, the original promoters of Gopalpur Ports.
The equal joint venture between Sara International and Orissa Stevedores had been awarded the port project by the Orissa government in September 2006 for development and operations for an initial period of 30 years and extendable by another 20 years, reports added. JSPL will also buy another 10% stake from Orissa Stevedores. Hence, after the deal, Gopalpur Ports will be 60% owned by JSPL and 40% by Orissa Stevedores.
Gopalpur Ports is being developed with an investment of over Rs2,000 crore in three phases with a capacity to load 40 million tonnes (mt) of cargo a year.
....more info