Gammon Infra raises stake in Vizag Seaport

MUMBAI (Reuters) - Gammon Infrastructure Projects Ltd said on Monday it has increased its stake in Vizag Seaport Pvt Ltd to 73.76 percent from 42.22 percent for 330 million rupees.

The company has exercised its call option to buy 22.88 million shares of Vizag Seaport from International Port Services Pvt Ltd., it said in a statement.

International Port Services is the investment arm of U.K.-based Portia Management Services Ltd, which is Gammon's joint venture partner in Vizag.

Vizag Seaport, which has two bulk handling terminals at Visakhapatnam port has also allotted 8 million shares to Gammon's subsidiary Cochin Bridge Infrastructure Co. Ltd, it added.

Shares in Gammon Infrastructure were trading up 0.46 percent at 163.75 rupees in a firm Mumbai market.