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NYLIC picking up $10-m stake in Gujarat Pipavav

Our Bureau

AHMEDABAD, Aug. 10

THE $ 500-billion New York Life Insurance Company (NYLIC) is taking a $ 10-million equity stake in the first private sector port to be developed in the country, Gujarat Pipavav Port Ltd (GPPL).

The equity stake at around Rs. 45 crores, would include premium and allow the American insurance sector giant to take a three per cent stake in the enhanced equity of the Pipavav port project.

Currently, SeaKing Infrastructure Ltd (SKIL) _ the principal promoter of GPPL _ holds 46 per cent equity in the port, 26 per cent being in the hands of the Port of Singapore Authority (PSA). The other major single entity holding significant stake in GPPL is the UK-based fund manager Commonwealth Development Corporation (CDC).

The deal was signed today on behalf of NYLIC's sister concern, NYL India International Fund (NYLIIF), by its Director, Ms. Anne Pollack. The investing arm of the life insurance major shortlisted GPPL from about 50 investing options in India, considering its potential as an infrastructure project leading to growth in various allied sectors.

The NYLIC is a Fortune 500 financial services company with an asset management portfolio worth $ 132 billions.