Kandla Port Trust (KPT) has secured the Kandla Container Terminal's (KCTPL) Rs 110 crore debt lent by Axis Bank and UCO Bank. The takeover has been done in the proceedings before the Gujarat High Court. Kandla Container Terminal is a subsidiary of ABG Infralogistics.
A failed container terminal has been taken over by the Kandla port from ABG Infralogistics after depositing a security amount worth Rs 110 crore as lenderÂ’s dues with the registrar of the Ahmedabad high court where the case was decided recently.
A district court at Gandhidham directed Kandla port to take over a container loading facility, which was developed by ABG Infralogistics, only after repaying the debt owed by the latter to a consortium led by Axis Bank. The consortium is yet to recover about Rs 101 crore lent to ABG Infralogistics for developing the project. It may be recalled that earlier Kandla Port signed a 30-year concession agreement with ABG Infralogistics for the proje
A consortium of ABG Infralogistics and PSA International, which operates a container terminal at the Kandla port in Gujarat, agreed to transfer the terminal assets to the port authority, reports indicate. Consequently, a 30-year concession agreement signed between the the port authority and ABG Kandla Container Terminal in June 2006 for developing and oper