Warburg has hired investment bank UBS to find a potential buyer
for its part of Gangavaram Port in Andhra Pradesh, which has been valed at
US$1-1.4 billion with Warburg's share worth $300-400 million, according to the
Indian business newspaper’s anonymous contacts.
In 2007, Warburg had invested around $40 million in the port at
Gangavaram in Andhra Pradesh.
Gangavaram can handle fully laden Super Cape size vessels of up
to 200,000 dead weight tonnage in depths of up to 21 metres.
Commissioned in 2008, its handles cargo groups including coal,
iron ore, fertilizer, limestone, bauxite, raw sugar, project cargo, alumina,
and steel products.
The Dubai government-owned DP World has a portfolio of 77
terminals in 40 countries with a capacity of 85 million TEU.
Last year, DP World had
announced its plan to invest $1 billion in India over the next few years.
The group has already invested $1.2 billion in India and runs
six terminals that make up approximately 30% of India’s container trade market
share.
According to Mint, a DP World spokesperson said: “We are always
looking out for the right opportunities.
“We don’t comment specifically on any unless there is something
to announce.
“We plan to increase our market share by increasing capacity at
key locations and developing our beyond-the-gate strategy.”
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