The Port of Antwerp is acquiring a 4 percent stake in India’s Essar Ports in a $31 million investment aimed at boosting traffic with one of the world’s fastest cargo generating markets.
The share purchase is part of a strategic alliance focusing on consultancy services, port planning, traffic flow, and quality and productivity improvements.
Port of Antwerp International, the Belgian port’s investment and consultancy arm, will have the right to nominate a director on the board of Essar Ports.
“This partnership will promote growth of port traffic between Antwerp and the ports of Essar and help us in developing world class port facilities,” said Rajiv Agarwal, Managing Director of Essar Ports.
Essar Ports is one of India’s largest private-sector port operators, with a current capacity of 88 million tons a year of dry and liquid bulk and break bulk cargo at the ports of Hazira and Vadinar.
The company is currently developing iron ore and coal terminals at Paradip and is setting up a dry bulk facility at Salaya. It is also reported to be a potential bidder for a container terminal in Chennai.
Essar Ports is a subsidiary of the Essar Group, a steel, energy, power, shipping and construction conglomerate with $27 billion annual revenues and a 75,000-person payroll in 25 countries.
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