Gammon Infra seeks shareholders' nod for 35% stake sale in Vizag Seaport

Gammon Infrastructure, currently under a liquidity squeeze, is seeking to divest nearly half its stake in Vizag Seaport Ltd (VSPL). It owns a 73.76% stake in VSPL that operates a multi-commodity terminal at the Centre-owned Visakhapatnam port in Andhra Pradesh, and is likely to sell 35%. The Gammon Infra board is seeking approval of its shareholders for the stake sale in VSPL, where British Virgin Islands-incorporated shipping and ports firm Lastin Holdings owns around 26% equity.