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Arbitration tribunal rejects Djibouti Port Company s bid to escape contract with DP World
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Arbitration tribunal rejects Djibouti Port Company s bid to escape contract with DP World
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French shipping group ‘calls off’ plan to sell stake in Mundra terminal to Chinese firm
March 16, 2021
A container terminal at Mundra Port in Gujarat - REUTERS×
Move comes after govt declines consent French shipping group CMA CGM is said to have dropped plans to sell the 50 per cent stake held by its unit CMA Terminals Holding in Adani CMA Mundra Terminal Private Limited (ACMTPL) at Mundra port to China Merchants Port Holdings Company Ltd (CMP) after the government declined consent.
ACMTPL is an equal joint venture between Adani Ports and Special Economic Zone Ltd (APSEZ) and CMA Terminals Holding, a unit of CMA CGM S A, the world’s third largest container shipping firm, that runs a 1.3 million twenty- foot equivalent units (TEUs) capacity terminal at Mundra port, India’s biggest commercial port by volumes handled.
March 15, 2021
Likely to invest $1 billion
A consortium led by Adani Ports and Special Economic Zone Ltd (APSEZ) has received a letter of intent from the Sri Lankan government to build and run the West Container Terminal (WCT) at Colombo Port with an investment of some $1billion.
India has been looking for a terminal presence in Colombo port a regional transhipment hub through which a large portion of India’s export-import cargo containers are transhipped for strategic and security considerations.
On March 1, the Sri Lankan Cabinet approved the development of WCT on a government-to-government agreement with India.
“The letter of intent was issued to APSEZ on Monday,” a government official with knowledge of the development said, asking not to be named.
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