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Ascent Capital set to pump in $45 million for expansion of Karaikal Port - 20-Aug-2011
Ascent Capital, the Bangalore-based private equity fund, is set to pump in $45 million for expansion of Karaikal Port, located in the East Coast of India in the state of Tamil Nadu. The fresh infusion of funds will be as part of a Rs 700 crore expansion which Karaikal Port is embarking on to expand the capacity by as much as 6 times to 28 million metric tonnes from the current 5.2 MMT. The expansion is expected to happen over a period 12-18 months.