Adani Ports, Vedanta group co-bidders for Puducherry's Karaikal port

The Adani Ports and Special Economic Zone (APSEZ) along with a Vedanta group entity co-submitted financial bids for Karaikal Port recently.

A total of five players, including the co-bidders, submitted expressions of interest for the 600-acre port located in the union territory of Puducherry in August. JSW Infra, Jindal Power and a consortium of RKG Fund and Sagacious Capital are the other bidders.

The Karaikal Port defaulted on Rs 2,960 crore loans and was taken up for insolvency proceedings in April this year by the Chennai bench of the National Company Law Tribunal (NCLT).

The two final bids will be opened at a committee of creditors meeting.

BS