A consortium of Nagarjuna Construction
Co, Maytas Infra and Srei Infrastructure Finance has won an order worth Rs.1,200
crore from Government of Andhra Pradesh to build and operate an all-weather port
in Machilipatnam in Krishna district of Andhra Pradesh.
The consortium will form a special
purpose vehicle to execute the project. NCC will hold 25 per cent stake in the
SPV with Maytas holding 26 per cent, and SREI Infrastructure, 38 per cent. The
remaining 11 per cent will be held by a privately-owned firm (belonging to
Satyam chairman, Mr.B Ramalinga Raju's family). The project will be financed on
a 3:1 debt-equity ratio.
The consortium is expected to sign the
development or concession agreement with the Andhra Pradesh government by April
2007 and financial closure is expected six months thereafter.
Also See:
Maytas-NCC
likely to bag Machilipatnam port project (20-Jun-06)
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