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Warburg Pincus talks to DP World on selling 31.5pc of Gangavaram Port
来源：shippingazette.com 编辑：编辑部 发布：2017/11/02 09:51:09
NEW YORK private equity firm Warburg Pincus is in talks to buy Dubai's DP World's 31.5 per cent stake in Gangavaram Port, near the mid-point along India's east coast, reports LiveMint of Delhi's Hindustan Times.
Warburg has hired investment bank UBS to find a potential buyer, said one of the two people, both of whom spoke on condition of anonymity, adding the port is valued at US$1 billion - $1.4 billion and Warburg plans to sell the DP World stake for $300 million - $400 million.
Other interested parties include Adani Ports and Special Economic Zone Ltd (APSEZ) and JSW Infrastructure, a unit of Sajjan Jindal-led JSW Group, according to a second source.
Warburg plans to sell its stake while the other shareholders have no such immediate plans, according to the second person who spoke on condition of anonymity. In 2007, Warburg had invested around INR1.5 billion (US$40 million) in the state of Andhra Pradesh.
The port, operated by a DVS Raju-led consortium, is the deepest all-weather port in India. Raju and his family own 58.1 per cent stake and Warburg Pincus 31.5 per cent, while the Andhra Pradesh government holds the rest.
Gangavaram port website says it can handle fully laden Super Cape size vessels of up to 200,000 dwt. Commissioned in 2008, its handles cargo groups including coal, iron ore, fertiliser, limestone, bauxite, raw sugar, project cargo, alumina and steel products, it said.
Warburg has hired investment bank UBS to find a potential buyer, said one of the two people, both of whom spoke on condition of anonymity, adding the port is valued at US$1 billion - $1.4 billion and Warburg plans to sell the DP World stake for $300 million - $400 million.
Other interested parties include Adani Ports and Special Economic Zone Ltd (APSEZ) and JSW Infrastructure, a unit of Sajjan Jindal-led JSW Group, according to a second source.
Warburg plans to sell its stake while the other shareholders have no such immediate plans, according to the second person who spoke on condition of anonymity. In 2007, Warburg had invested around INR1.5 billion (US$40 million) in the state of Andhra Pradesh.
The port, operated by a DVS Raju-led consortium, is the deepest all-weather port in India. Raju and his family own 58.1 per cent stake and Warburg Pincus 31.5 per cent, while the Andhra Pradesh government holds the rest.
Gangavaram port website says it can handle fully laden Super Cape size vessels of up to 200,000 dwt. Commissioned in 2008, its handles cargo groups including coal, iron ore, fertiliser, limestone, bauxite, raw sugar, project cargo, alumina and steel products, it said.