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Port of Antwerp invests Rs 175 cr in Essar Ports

Investment to be aimed attechnical assistance for port planning, process improvement, and quality and productivity improvement

Press Trust of India  |  New Delhi 

Essar Group company's today said Port of International (PAI) has invested Rs 175 crore in the company as part of a strategic alliance.

PAI has invested approximately Rs 175 crore in at a price of Rs 100 per equity share of the company through Global Depository Receipt (GDR), the company said in a statement.

"announced the creation of a long-term strategic alliance with Port of International in Belgium and an of approximately Rs 175 crore by PAI in Essar Ports," the statement said.

The partnership is aimed at technical assistance for port planning, process improvement, and quality and productivity improvement.

PAI's in is long-term and strategic in nature, focusing on the commercial relationship between the two and mutually enhancing the productivity, skill set and performance, the statement said.

PAI will also have the right to nominate a director on the Board of and Jan Adam, CFO- Port of has been appointed as Non-Executive Director in the Board of Ltd, it said.

PAI is the authority for the port of Antwerp, which is an international port based in Belgium, and the second-largest port in Europe. It handles 187 million tonnes of freight in 2011.

"This partnership will promote growth of port traffic between Port of and ports of Essar and help us in developing world class port facilities with focus on quality, productivity and environment," Managing Director of Essar Ports  Rajiv Agarwal said.

has two operational ports at and in Gujarat.

First Published: Wed, May 30 2012. 16:19 IST