US-based private equity (PE) firm TPG Capital India is set to buy a majority stake in Karaikal Port Pvt Ltd. TPG has entered into a so-called exclusivity agreement with the port and will invest at least Rs 1,000 crore to acquire stake from existing investors and promoters.
Media reports say that the project is expected to be completed by 2018. Located in Puducherry, the 47-million metric tonne per annum (mmtpa) deepwater Karaikal port has a total investment requirement of Rs 4,000 crore.
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