COSCO Group’s bid for acquisition of Greek Piraeus port has been accepted. [File Photo: caijing.com]

COSCO Group's improved bid for the acquisition of Greece's Piraeus port has been accepted by the Greek privatization fund.

The Chinese group submitted an improved bid on Wednesday, offering nearly 370 million euros or 400 million US dollars for a 67 percent stake in Piraeus Port Authority.

The agreement is to be approved by PPA's shareholders in February, then Greece's Court of Audit and the parliament.

The process is expected to be completed in May.

COSCO has committed to invest an extra 350 million euros over the next decade in infrastructure works at the port.

The Chinese company will get a majority stake of 51 percent in the first phase of the deal, and the rest of the shares will be handed over in five years.