London-based infrastructure investment firm Eredene Capital has been awarded a £200M contract to construct and run a vast container terminal in southern India.
Eredene formed a consortium with Spanish port operators Grup Marítim TCB, international construction firm Obrascón Huarte Lain and India’s Lanco Infratech to clinch the deal for the Ennore Container Terminal in the state of Tamil Nadu.
With a 22% stake in the consortium, Eredene will pay £23M over a two-year spell, with the equity being provided by existing cash reserves and the raising of additional capital. Work is expected to take just under three years, with a starting date pencilled in for the end of 2013.
Eredene founder and chief executive Alastair King said: “This is a major milestone for Eredene. The Ennore Container Terminal is a world-class project, with an excellent growing hinterland and good existing transport connectivity.
“This project builds on our expertise in ports and port infrastructure and on our commitment to the dynamic Indian economy. We look forward to working with our partners and contributing solidly to the designing, constructing, financing and operating of the new Ennore container terminal.”