The new container loading facility at Mundra port in Gujarat would be run by a joint venture (JV) between Mediterranean Shipping Co SA (MSC) and Adani International Container Terminal Pvt Ltd. Adani Ports and Special Economic Zone (APSEZ) formed the 100 percent subsidiary, Adani International Container Terminal Pvt Ltd, for developing the container terminal and associated facility at the south basin in Mund
Tag: joint venture
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Cabinet approves Rs 231 bn Mumbai metro line project
The Rs 23,136 crore Mumbai Metro line-3, which would link Colaba, Bandra, Santacruz Electronics Export Processing Zone, received approval from the union cabinet recently. The cabinet also approved the plant to set up a joint venture between the centre and Maharashtra government with equal shareholding between them. In line with the Delhi, Bangalore, Chennai and Kochi metro projects, the present special purpose vehicle (SPV), calle
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SCI may cater to state-run firms to get assured revenue
Industry analysts suggest Shipping Corporation of India (SCI) to enter into joint venture agreements with public sector undertakings (PSUs) in order to get assured cargo and revenue stream. During 2012-13, SCI incurred a net loss of Rs 114 crore while its total revenue stood at Rs 4,152 crore. At a time when the economy and trade flows are in a downturn, catering to the logistic needs of state-run com
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OVL JV to acquire 10% stake in Mozambique field
A joint venture company of ONGC Videsh (OVL) and Oil India (OIL) decided to acquire 10 percent stake of Videocon Mauritius Energy in Videocon Mozambique Rovuma 1 gas field for $2.475 billion. In the newly incorporated joint venture company, OVL holds 60 percent stake, while OIL has the remaining 40 percent
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Bangladesh seeks clarity on container terminal project
Bangladesh government sought clarification from the Indian government about the proposed container port project in Narayanganj by the bank of the Shitalakhya river. Narayanganj is a crucial port facility on the outskirts of Dhaka which is also used by Indian cargo vessels under the India-Bangladesh water transport protocol. It is learnt that the Bangladesh government was
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Dragados to exit Rs 14 bn port project
Spanish logistics firm Dragados reportedly wants to offload its 24 percent stake in a joint venture with Gammon Infrastructure Projects for setting up the Rs 1,400-crore Indira Container Terminal at Mumbai Port. Both the firms jointly bagged the project in 2007. The Indira container terminal at Mumbai Port is an equal joint venture between Gammon Infrastructure and Spain-based Dragados
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Odisha govt rethinks leasing land for port project
Odisha government reportedly considers whether to postpone the handing over of land for the Rs 10,000-crore expansion of Dhamra port following reports of the promoters reducing their holding in the port venture. Earlier there were reports that Larsen and Toubro (L&T) and Tata Steel , which own 50 per cent each in Dhamra Port Co (DPCL), were planning to sell their entire stak
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IOC to get land from Ennore Port for LNG terminal
Ennore Port (EPL) received approval of the union cabinet to lease land measuring 520,000 square metre to a joint venture led by state-owned Indian Oil Corp (IOC) for the 5 million tonne a year liquefied natural gas (LNG) terminal project. While IOC will hold majority stake in the joint venture, Tamil Nadu Industrial Development Corporation (TID
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Gopinath to watch AirAsia, before launching his firm
GR Gopinath of Air Deccan fame is to observe the fate of the AirAsia-Tata Sons joint venture airline startup before launching his own budget air carrier. For now, Gopinath has decided to keep his application for launching the budget airline on hold. After getting Foreign Investment Promotion Board nod, AirAsia on April 23 filed a formal application with the Union Aviation Ministry to seek clearance for starting the Indian subsidiary.
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RBI liberalises overseas investment norms for state-run oil firms
Reserve Bank of India (RBI) allowed state-run oil explorers to invest in their incorporated overseas entities without any limits under the automatic route. It may be recalled that earlier, the navratna public sector undertakings (PSUs) like OVL and OIL were allowed to invest in overseas unincorporated entities only. But the central bank liberalised the existing norms to enable these firms to invest in the incorporated JV/WOS in oil se