Sajjan Jindal-led JSW Infrastructure today said it will sell a 10 per cent stake in the company to the US-based Eton Park for about $125 million (about Rs 560 crore).
"Eton Park will invest up to $125 million in our company. The proceeds will be used for expansion of JSW's ports business," JSW Infrastructure Chairman N K Jain told reporters here.
JSW Infrastructure is into the development of infrastructure for ports, airports, ship repair, shipyards, townships, rail connectivity, inland waterways, water treatment plants and pipelines.
The company currently operates two ports -- one at Jaigarh in Maharashtra and the other in Goa.
JSW Ports has developed Jaigarh Port where the company has a 50-year licence on a build, own, operate, share and transfer basis.
"Phase one of the project has been commissioned and is operational. Phase two of the project is expected to commence shortly," he said.
"JSW Ports is exploring various opportunities to develop ports and port-related infrastructure in various parts of the country in order to meet the cargo requirements of the Group and external clients," he said.
Eton Park is a global investment organisation dedicated to delivering superior risk-adjusted returns over a multi-year period. It currently manages approximately $13 billion.
"Most of the coastal states are encouraging development of greenfield non-major ports along with rail, road and inland water connectivity. This investment by Eton Park will help us in achieving the vision of reaching 180 million MT of cargo handling capacity by 2020," the company's Joint Managing Director and CEO, BVJK Sharma, said.
