Essar Ports and PAI enter strategic alliance

The alliance will see the two ports collaborating in the areas of training and consultancy services, port planning, traffic flow, quality and productivity improvement, while building a beneficial commercial relationship based on mutual business and investment preferences.

PAI has invested in Global Depository Shares (“GDS”) of Essar Ports at a price of Rs 100 (US$1.78) per share, which forms approximately 4% of the diluted equity share capital of Essar Ports. As a result, PAI has the right to nominate a non-executive director onto the Board of Essar Ports, and has appointed Jan Adam, CFO- Port of Antwerp.

Commenting on the agreement, Marc Van Peel, president of the Antwerp Port Authority, said, “Essar Ports is a highly regarded, strong and reliable partner with a lot of know-how in India. We will rely on them for the development of port activities in India, one of the strategic regions of our daughter company PAI. The port of Antwerp will share knowledge and expertise on port development and strategy”.