NEW DELHI: Port of Antwerp International (PAI) announced investment of Rs 175 crore in Essar Ports. It is part of the company's strategic partnership.
PAI injected the funds at a price of Rs 100 per equity share of the firm via Global Depository Receipt (GDR).
An official statement said, “Essar Ports announced the creation of a long-term strategic alliance with Port of Antwerp International in Belgium and an investment of approximately Rs 175 crore by PAI in Essar Ports.”
The collaboration will aim to offer technical help for port planning, process improvement, quality and productivity improvement.
After this investment, PAI will be having the right to nominate a director on the Board of Essar Ports. Jan Adam, CFO- Port of Antwerp has been roped in as Non-Executive Director in the Board of Essar Ports Ltd, it said.
Essar Ports has got two operational ports at Hazira and Vadinar in Gujarat.