Gammon Infrastructure Projects, a unit of construction firm Gammon India Ltd, will increase its stake to over 70% in the joint venture company (JVC) Vizag Seaport Pvt. Ltd. with an investment of nearly Rs 33 crore.

Recently, Gammon Infrastructure Projects Ltd has exercised the call option to purchase 2.28 crore equity shares of Rs 10/- each of Vizag Seaport Pvt. Ltd ("VSPL") from International Port Services Pvt. Ltd., the investment arm of Portia Management Services Ltd of UK, the Company's joint venture partner in VSPL.

Further, VSPL has also allotted 80 lakh shares to Cochin Bridge Infrastructure Company, a subsidiary of Gammon Infrastructure, on conversion of loan into equity at par.

Upon completion of the two transactions the shareholding of the Company in VSPL will stand increased to 73.76% from the present 42.22%. VSPL owns two berths handling bulk cargo at the Visakhapatnam Port.  

However, the transaction will be subject to regulatory approvals.