P&O PORTS LEADS CONSORTIUM TO PRIVATIZE CHENNAI, INDIA

P&O PORTS LEADS CONSORTIUM TO PRIVATIZE CHENNAI, INDIA    A consortium lead by P&O Ports has won a 30-year concession to privatize and develop Chennai Container Terminal in India.
   The agreement, allows for the modernization of the current terminal operations and the development of Chennai as a major hub port.
   The terminal currently handles approximately 385,000 twenty-foot equivalent units (TEU) annually with average growth over the last five years of 15 percent. Upon completion of quayline extension volume is projected to be approximately 1.3 million TEUs a year. Volume is expected to reach 2 million TEUs after the projects completion.
   The consortium is comprised of three parties. P&O Ports holds 75 percent stake, the Chattinad Group, 20 percent, and the MBEC Group holds 5 percent. $100 million will be invested over the first five years of the project; $70 million will be invested after the handover of an adjacent iron ore berth.