Karaikal Port Private Ltd (KPPL), a wholly-owned subsidiary of Marg, an infrastructure and real estate development company, has finalised its fund raising plans for its second phase of expansion.

It is a deep-water port at Karaikal district of Puducherry. The port is envisaged to have a total of 9 berths capable of handling 47 million tonnes annually. It is to be developed over three phases with the final phase getting operational by 2016. Phase-I of the development, which is now operational comprises two berths. Phase-II now under implementation involves a capital expenditure of Rs. 1,500 crore and will become operational by September 2011.

India Infrastructure Fund (IIF), which is managed by IDFC Project Equity Company Limited, will be investing Rs. 150 crore into the equity capital of KPPL towards Phase-II expansion.

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