Indian Ports Global Lines Up Buyout Targets Abroad

Consortium will look to acquire & operate 20 ports across Asia, Africa, India

- Subhash Narayan

NEW DELHI: State-run Indian Ports Global Ltd (IPGL) is leading a consortium to acquire and operate 20 commercial ports across Asia, Africa and India, two people aware of the matter said. The company, which operates Iran's landmark Chabahar terminal, has set its eyes on ports in Bangladesh, Sri Lanka, Africa, West and East Asia, as well as in India. IPGL, along with a group of state-run companies, has submitted its proposal to the Union shipping ministry, which has asked the Centre for Maritime Economy and Connectivity (CMEC) to examine the plan, the people cited above said on the condition of anonymity.

Sunil Mukundan, managing director of IPGL, confirmed the development. "We have proposed the operation of 20 ports across the globe and in India to the ports and shipping ministry. Further action would be made on getting directions on our proposal," he said.