Ascent Capital commits $45m to Karaikal Port expansion
Ascent Capital will inject $45 million into Karaikal Port as part of an INR7 billion ($153 million) expansion plan that will see a six-fold increase in the port’s capacity to 28 million metric tons. This is the port’s second round of private equity fundraising, after IDFC Project Equity contributed INR1.5 billion in 2010, The Business Standard reported.
Raja Kumar, founder and CEO of Bangalore-based Ascent Capital, confirmed that the deal is happening but declined to give further details. Karaikal Port is controlled by infrastructure and real estate...
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