PE Firm Jacob Ballas to invest Rs 200 crore in Karaikal Port Pvt Ltd

Marg Ltd promoted Karaikal Port Private Limited on Wednesday said that private equity firm, Jacob Ballas, backed by New York Life International has invested Rs 200 crore in the company for a minority stake.

" NYLIM Jacob Ballas India has invested Rs. 200 crores (by way of primary & secondary investments) in MARG Karaikal Port for a minority stake. The funds will facilitate MARG Karaikal Port's expansion plans enhancing its capacity from 21 MMTPA to 28 MMTPA", the company said in a statement to Bombay Stock exchange.

Last year, Ascent Capital invested about Rs 200 crore to pick a minority stake in the firm. Sunil Chawla, Partner at Jacob Ballas will join the board of Directors following the deal.

Shares of the company closed at Rs 88.55, up by 0.34% at the Bombay stock exchange which fell by 0.10% to close at 17,301.91 points.