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APSEZ, Vedanta places bids for Karaikal port

Monday, 03 Oct 2022
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Adani Ports and Special Economic Zone (APSEZ) and a Vedanta Group have placed their financial bids for Karaikal Port in Puducherry. 
 
The two companies are amongst five players that have submitted expressions of interest (EoI) for 600 acre port in August 2022. 
 
Kariakal Port defaulted on loans worth Rs 2,960 crore. It was admitted for insolvency proceedings on 29 April 2022 by the Chennai bench of the National Company Law Tribunal (NCLT). 
 
Apart from the two companies, JSW Infra, Jindal Power and consortium of RKG Fund and Sagacious Capital have also submitted bids. 
 
Karaikal Port is an all-weather deep water port developed on build, operate and transfer format under a public private partnership arrangement between the government of Puducherry and MARG. 
 
It has handled diverse cargo such as coal, sugar, cement, fertilisers, project cargo, agro commodities, liquid cargo and containers. 
 
A group of 11 financial institutions had originally sanctioned a loan of Rs 1,362 crore to Karaikal Port. Nine of 11 lenders sold their loans to Edelweiss Asset Reconstruction Company in 2015.
 
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