Ministry of shipping to acquire troubled port projects

the Centre has now set its eyes on buying out greenfield port projects that are either stuck or stalled due to the financial and operational failure of private sector operators.

The shipping ministry through its PSUs is first set to buy the entire stake of Reliance Industries in Rewas Port in Maharashtra’s Raigad district. Later, bids would be finalised to acquire Dighi Port, another private port in Maharashtra owned by Balaji Infra Projects and IL&FS, which was admitted into insolvency court in Apri

The Centre and the state have appointed SBI Capital Markets to undertake valuation exercise of the port after which acquisition would be undertaken through a special purpose vehicle (SPV). The transaction may be concluded in two months time post valuation.

The center also evaluating the option of acquisition of Dighi port by JNPT and other state-run entities is also on cards and bids would be furnished once the process is initiated by the insolvency professional.