P&O Ports and its consortium partners have
signed agreements with the West Bengal state government for the Kulpi port and
Kulpi SEZ projects coming up in the state.
P&O Ports along with Keventer Agro and Mukand
Steel are planning to invest $400 million in setting up this greenfield project.
A holding company, Bengal Ports, would be formed in which P&O Ports will
have 44.5 per cent stake, while the two consortium partners will have a matching
stake of 44.5 per cent. West Bengal Industrial Development Corporation will hold
the remaining.
The holding company would later be demerged into
two entities -- one for the port business and the other for the SEZ. P&O
Ports will have 69 per cent stake in the port company, and 44.5 per cent holding
in the SEZ company.