Chennai Port seals ₹2,380-cr Kamarajar port deal

The Chennai Port Trust has completed Kamarajar Port acquisition deal involving an investment of ₹2,380 crore. In the Union government's negotiated deal, the state-owned Chennai Port Trust bought 67 percent stake in Kamarajar Port which has a capacity to handle 91 million tons of cargo; it handled 34.49 mt in FY19. The Department of Investment and Public Asset Management (DIPAM) signed a share-purchase agreement with Chennai Port Trust and finalized the deal, helping the government to account for the money at the end of the financial year 2020. Chennai Port Trust will finance the stake purchase mainly through loans from state-run banks led by State Bank of India, the commerce ministry said in a statement.