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Eredene NAV climbs as India keeps growing
Wed, 08 Feb, 2012
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Eredene NAV climbs as India keeps growing
Wed, 21 Jul 2010, 12:37:00
An increase in the value in its investments in the year to March 31 was pleasing for <b>Eredene Capital</b>, which invests in infrastructure in the South Asian country, but gains were held back by volatility in global trade. The value of Eredene's investments in India rose by 35% during the year. The company noted that, while its net asset value rose by 5% over the period compared with 45% in the FTSE 100 index, 'the increase is pleasing in the light of the continued volatility in global trade.' Eredene invests in ports and other infrastructure and was recently part of a consortium that won a contract to build and operate a container terminal in Ennore, Tamil Nadu. Chief executive Alastair King explained that, while the Indian economy has been performing well - growing by 7.4% last year according to Eredene - and imports have been strong, weakness in the global economy has hurt exports, which has affected activity at ports. Eredene said that, with 11 projects across India including nine in ports, port services, logistics and distribution warehousing, there is potential for synergies. These include merging operations between its container handling facility at Ennore and its newly acquired container terminal there and among its container handling assets around India, King explained. Shares in Eredene rose sharply when it announced the Ennore container terminal acquisition late last month. 'It's not normal for a small company to win such a deal,' King explained today. Eredene inherited management from P&O when the ports and ferries group was taken over by Dubai Ports in 2006 and benefited from their expertise and contacts in making bids, he said.
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