NEW DELHI, OCT 3: Adani Ports and Larsen & Toubro (L&T) have inked a pact to oversee operations of Kattupalli Port in Tamil Nadu.
“Adani Ports (Adani) has entered into a non-binding Memorandum of Understanding with L&T Shipbuilding (L&T) for evaluating the operations of the port at Kattupalli, Tamil Nadu, with effect from October 2015 for one month,” Adani Ports and Special Economic Zone (APSEZ) said in a filing to BSE.
“Adani shall be responsible for EBIDTA gains and losses arising from the port operation for this period,” the filing said. L&T, in a separate filing, said the shipyard will continue to be managed and operated by L&T Shipbuilding.
The development comes amid reports that Gautam Adani-led Adani group is likely to take over the operational and management control of L&T Kattupalli International Container Terminal near Chennai to strengthen its presence on the east coast.
APSEZ in June got Kerala government’s nod for developing the Rs 4,089-crore Vizhinjam International Deepwater Seaport project.
Development of Vizhinjam port will help in cost saving to Indian trade as the boxes can be trans-shipped at a lower cost from Vizhinjam port.
APSEZ is part of the Adani group, which is one of India’s leading business houses with a revenue of over $10 billion.
