Eredene Capital PLC, a UK based infrastructure fund has bowed out of the Ennore Port container terminal project in Tamil Nadu, citing changed economic outlook in India.
The company was holding 22 per cent stake in the Rs 1,407 crore project. Ennore Port (EPL) has been informed of this decision.
In August 2010, EPL signed a concession agreement with Bay of Bengal Gateway Terminals, to develop a Rs 1,407 crore container terminal at Ennore port, near Chennai. Bay of Bengal Gateway is a SPV company formed for the project with members being Grup Maritim TCB, S L Spain; Obrascon Huarte Lain, S A, Spain; Lanco Infratech and Eredene Capital PLC, UK/India.