Centre Sells Whole Stake In Kamarajar Port To Chennai Port For Rs 2,383 Crore

In a CPSE-to-CPSE bargain, the Center will sell its whole stake in Kamarajar Port (KPL) to Chennai Port for a thought of Rs 2,383 crore by March 31. Chennai Port will back the acquisition of the Center's 67% stake, mostly through borrowings, an authority said. The elective instrument (pastoral board) had affirmed the shapes of the exchange a week ago.

The KPL is an unlisted focal open division venture (CPSE), in which Chennai Port has been holding 33% shareholding. KPL is situated on the Coromandel Coast around 24 km north of the Chennai Port. It is the twelfth significant port of India.

In other CPSE-to-CPSE bargains, the Center will earn around Rs 14,000 crore from NTPC's acquisition of the administration's whole stake in NEEPCO and THDC before the finish of March. These arrangements and a couple of other little exchanges would enable the administration to accumulate up to Rs 55,000 crore, about Rs 10,000 crore shy of the changed gauge of Rs 65,000 crore for FY20. So far in FY20, the disinvestment receipts remained at Rs 35,000