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Vedanta, Adani, JSW submit EOIs for Karaikal Port

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MUMBAI : Vedanta, Adani Ports and Special Economic Zone, JSW Infrastructure, Jindal Power and a consortium of RKG Fund and Sagacious Capital have submitted expressions of interest to participate in the upcoming auction of Karaikal Port, which is undergoing insolvency proceedings at the National Company Law Tribunal (NCLT), according to people directly briefed on the matter.

The NCLT’s Chennai bench had admitted Karaikal Port for insolvency proceedings via an order dated April 29, following an application made by one of its financial creditors, Omkara Asset Reconstruction Company. Subsequently, the NCLT appointed Rajesh Sheth as the company’s resolution professional. He is backed by Deloitte.

The company has debt of Rs 2,960 crore that it was unable to repay.

Vedanta and Adani Ports and Special Economic Zones did not respond to the reporters. A spokesperson for JSW Infrastructure declined to comment when contacted. Jindal Power also declined to comment. RKG Fund and Sagacious Capital did not respond to queries.

Commissioned in April 2009 and developed on an area of 600 acres, Karaikal Port is located near Karaikal town in the Union Territory of Pondicherry, India. It has handled diverse cargo such as coal, sugar, cement, fertilisers, project cargo, agro commodities, liquid cargo and containers.

Omkara ARC had acquired a Rs 2,059 crore loan for Karaikal Port from Edelweiss ARC in November last year.

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