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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