PE fund Jacob Ballas invests $38 mln in MARG Karaikal Port

MUMBAI Wed May 2, 2012 5:03am EDT

MUMBAI May 2 (Reuters) - India-focused private equity firm Jacob Ballas, backed by New York Life International, has invested $38 million in Marg Karaikal Port, a unit of MARG Ltd , for a minority stake, the south Indian infrastructure firm said on Wednesday.

The port will use the funds to expand capacity to 28 million metric tonnes per annum, it said in a statement.

MARG Karaikal Port is an all-weather port on the south east coast of India.

Last year, Ascent Capital invested about 2 billion rupees to pick a minority stake in the firm..

The Indian Infrastructure Fund backed by India's IDFC and Citigroup had invested in the port in 2010.

(Reporting by Indulal PM)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.