Gammon Infra to hike stake in Vizag Seaport

Gammon Infrastructure Projects, a unit of construction firm Gammon India, will increase its stake in Vizag Seaport (VSPL) for about Rs 33 crore.

According to a release issued by Gammon Infrastructutre to the BSE today, the company has exercised its call option to purchase 2.28 crore shares from the joint venture partner International Port Services.

VSPL has also allotted 80 lakh shares to Cochin Bridge Infrastructure Company, a subsidiary of Gammon Infrastructure, on conversion of loan into equity at par, the release added.

"Upon completion of the two transactions, the shareholding of Gammon Infrastructure in VSPL would stand increased to 73.76% from the present 42.22%," the release said.

VSPL owns two berths handling bulk cargo at the Visakhapatnam Port.