CMPort Completes Acquisition of Brazils Container Terminal

first_imgzoom Hong Kong’s China Merchants Port Holdings Company (CMPort) has completed the acquisition of Paranaguá Container Terminal (TCP), the second-largest container terminal in Brazil.Under the terms of the share and purchase agreement inked in September 2017, CMPort has bought a 90% stake in TCP for HKD 7.23 billion (around USD 924 million).The acquisition is said to be the biggest merger and acquisition so far in Brazilian and Latin American port sector.The investment, part of the efforts to implement the “Belt and Road” initiative in the region, is CMPort’s first in Latin America. In addition, the investment represents the first M&A in mature port assets overseas with controlling stake, according to the company.Representatives of CMPort and TCP signed the letter of intent to close the transaction on February 22.“Today’s ceremony definitely represents the perfect opening of Sino-Brazil economic and trade cooperation in 2018… We believe under the support and coordination between China and Brazil, TCP will have a brighter future,” Li Jinzhang, Chinese Ambassador to Brazil, commented on the occasion.“With TCP as the starting point, CMG will continuously promote the commercial and trade cooperation between the BRICS countries, especially in the fields such as Brazil’s integrated logistics, transportation related infrastructure and logistic parks, in order to look for more opportunities on investment, development and operation,” Hu Jianhua, Vice Chairman of CMPort and the Executive Vice President of China Merchants Group Limited, said.Located on the southeast coast of Paraná State of Brazil, TCP has an existing design capacity of 1.5 million TEUs. The terminal, with three container berths, is expected to increase its capacity to 2.4 million TEUs by the end of 2019.last_img read more

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Article 370 scrapping draws emotional response from people across country

first_imgKolkata: “I am overwhelmed, emotional, jubilant,” said an entrepreneur in Jammu, echoing views of large sections across the country who hailed the Modi Government’s decision on Monday to revoke Article 370 that gave special status to Jammu and Kashmir as “bold” and “historic”.But there were also voices of caution and apprehension especially from the Kashmir Valley and the Northeast, where several states enjoy special provisions. Amid speculation about some big decision on J-K after the central government deployed additional troops in the state and directed pilgrims and tourists to leave, many were glued to news channels on Monday morning when Home Minister Amit Shah stood up to speak in Rajya Sabha. Also Read – Uddhav bats for ‘Sena CM’Within minutes of his announcement, celebrations erupted as people came out on streets, danced to the sounds of drumbeats, burst crackers and distributed sweets while raising slogans of ‘Bharat Mata ki Jai’. It was an emotional moment for many Kashmiri Pandits, who were forced to flee the Valley due to militancy, as they hoped the decision would pave the way for return to their homeland with honour and dignity. “It should have been done long back. It is favourable for the nation. We are one. We should be one. We should not divide ourselves,” Pina Misri, president of Kashmir Sabha, said in Kolkata. Sushma Bhat Tiwari, who is from Kulgam district of Kashmir valley and works as a senior HR professional with a multinational company, said women like her who married non-residents will finally get their rights. Also Read – Farooq demands unconditional release of all detainees in J&K”I married a non-Kashmir several years ago and lost the right of being citizen of Jammu and Kashmir. My children were also denied right to property and citizenship due to this law. But we are happy that this has been done away with and justice done to women like me,” she said. Academicians and politicians in north-eastern states expressed apprehensions about the fate of the special provisions that protect the interests of their indigenous people. Lallianchhunga, assistant professor of the political science department in the Mizoram University, alleged that the BJP-led National Democratic Alliance government had been violating the federal spirits of the Constitution and moving towards a “unitary government”. Riachho, a retired Indian Administrative Service (IAS) officer, said the Centre did not honour the Instrument of Accession signed on October 26, 1947, by Hari Singh.last_img read more

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