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APM Terminals, the controlling shareholder, manager and operator of Gujarat Pipavav Ports Ltd is looking to exit its 12-year flagship investment as it no longer fits in with its core global business strategy. It has mandated HSBC to run a formal sale process and find a new buyer. APM had acquired 47 per cent stake in the port from Nikhil Gandhi’s SKIL Infrastructure for about Rs.200 crore in 2005 and subsequently listed the company.
The port handles bulk, container and liquid cargo, and is spread over 1,560 acre. The company reported a 33 per cent increase in net profit for the January-March quarter at Rs.66 crore compared with last year. Total revenues were up 8 per cent at Rs.174.6 crore while EBITDA was up 16 per cent at Rs.114.7 crore.
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