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( As on 30/05/2012 15:27)

Essar Ports form strategic alliance with Port of Antwerp International for technical assistance

Essar Ports Ltd today said it has formed strategic alliance with Port of Antwerp International (PAI) to develop joint initiatives worldwide.

As part of the alliance, PAI has invested around Rs 175 crore in Global Depository Shares (GDS) of Essar Ports at a price of Rs 100 per share underlying the GDS. These GDS would form around 4 per cent of diluted equity share capital of Essar Ports, said the company in a statement.

PAI is the international investing arm of Antwerp Port Authority, which is the port authority of the port of Antwerp, the 2nd largest port in Europe handling 187 MMT of cargo in 2011.

The alliance is aimed at improving the port traffic between Port of Antwerp and Ports of Essar. Both the parties will collaborate in the areas of consultancy, port planning, port development, and training.