Online BusinessGammon Infra to acquire Spanish partner's stake in JV
Gammon Infrastructure Projects today said it has entered into an agreement with the Spain-based Dragados for acquiring the firm"s stake in Indira Container Terminal Pvt Ltd (ICTPL) in phases.
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Under the agreement with Dragados Servicios Portuarios y Logisticos SL, GMR Infrastructure Projects would purchase 50 per cent stake of the Spanish firm in ICTPL in two phases.
"The agreement envisages buying of 24 per cent stake in ICTPL now and a further 26 per cent equity stake after three years post the commencement of commercial operations of the offshore container terminal project being implemented by ICTPL," Gammon Infra Projects said in a filing to the BSE.
However, the company did not disclose any financial detail in this regard.
ICTPL is a joint venture between Dragados and India"s Gammon Group.
The transaction is subject to regulatory or statutory approvals as may be required, the filing to the Bombay Stock Exchange (BSE) added.
Shares of Gammon Infrastructure Projects surged 7.61 per cent at Rs 20.50 on the BSE.