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            october 19, 2019

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Signing of an agreement has been delayed again


The signing of an agreement to finalise fourth container terminal project at Jawaharlal Nehru Port Trust (JNPT) in Mumbai, which handles 56 per cent of India's container volume, has been delayed again, according to the Shipping Gazette. 
The 4.8 million TEU annual capacity terminal project is to be developed in two phases at a highest revenue share offer of 50.8 per cent.
Keeping the project afloat is a bank guarantee of INR670 million (US$13.5 million) for the winning consortium of Singapore-based PSA International and ABG Private Ports Ltd, that will keep the deal alive for six months after it was to expire in March.
The fourth terminal's success hinges on timely completion of the dedicated freight corridor, which is significant for evacuation of container traffic on the land side, reports India's Daily News & Analysis (DNA). Top JNPT officials say if the freight corridor does not come into being, it will be a huge risk for the PSA-ABG group.
The signing was recently put off when the would be terminal operators had to pay for stamp tax for which they were not prepared. A new date for the signing has not been set because PSA is seeking adjudication from the Maharashtra state government on the stamp duty dispute.
But JNPT chairman L Radhakrishnan was reassuring: "PSA has assured us they are going ahead with the other requirements like tie-ups for funds and other requirements to ensure not much time is wasted."

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