Ahmedabad/New Delhi: As part of attempts to recover its loan, Srei Infrastructure Finance Ltd plans to acquire Sandesara group’s stake in a Rs4,060-crore greenfield port being developed at Dahej, Gujarat. Sterling Port Ltd is promoted by Sandesara group and requires an investment of around Rs4,060 crore. Sterling Port promoters hold close to 74% equity in the port project, with the remaining stake held by Sterling Biotech Ltd, the group’s flagship company listed on BSE. “A maritime subsidiary of Srei group is likely to undertake development of Dahej port,” said a Gujarat government official, seeking anonymity. GMB had invited competitive bids for development of Dahej port in Bharuch District on build-own-operate-transfer basis.

Source: Mint March 05, 2017 22:30 UTC