Spanish logistics firm Dragados reportedly wants to offload its 24 percent stake in a joint venture with Gammon Infrastructure Projects for setting up the Rs 1,400-crore Indira Container Terminal at Mumbai Port. Both the firms jointly bagged the project in 2007.
The Indira container terminal at Mumbai Port is an equal joint venture between Gammon Infrastructure and Spain-based Dragados.
The decision by Dragados to withdraw from the project is part of the its plan to exit from all shipping-related projects.
However, the clause of the agreement currently does not allow Dragados to exit the project completely without operating the port for a minimum of three years.
Some reports indicate that Gammon India wants to acquire the 24 percent stake of Dragados and it has clearance from all stake holders and banks for this.
Gammon India is also said to be holding talks with foreign port firms partner the terminal project.
Gammon is looking at completely buying out the stake held by Dragados. Once that is completed, they will be looking at offloading some stake to an international port operator and raise money through that, media reports indicate.
The clause of the agreement currently does not allow Dragados to exit the project completely without operating the port for a minimum of three years.
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