Gammon Infra to complete stake buy in ICTPL by FY10

Gammon Infrastructure today said it expects to complete the acquisition of 24 per cent stake in its special purpose vehicle Indira Container Terminal from partner, Spain-based Dragados by March next year.

"We hope to complete the purchase of 24 per cent stake in Indira Container Terminal (ICTPL) by March, 2010," Gammon Infrastructure Projects Manging Director Parvez Umrigar told PTI.

ICTPL, a joint venture between Dragados and the Gammon Group, is developing an offshore container terminal at Mumbai port.

The transaction is subject to regulatory approvals as may be required, Umrigar said.

Dragados is selling its stake in the JV under its global restructuring plan, he added.

Gammon Infra yesterday announced that it had entered into an agreement with Dragados Servicios Portuarios y Logisticos SL to acquire the firm's 50 per cent stake 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," the company said.

The company did not disclose financial details of the transaction.