NEW DELHI: Adani Ports and Larsen & Toubro (L&T) today said they have inked a pact to oversee operations of Kattupalli Port in Tamil Nadu.
“Adani Ports (Adani) has entered into a non-binding Memorandum of Understanding with L&T Shipbuilding (L&T) for evaluating the operations of the port at Kattupalli, Tamil Nadu, with effect from October 2015 for one month,” Adani Ports and Special Economic Zone (APSEZ) said in a filing to BSE. It said definitive agreements in this regard will be entered into later.
“Adani shall be responsible for EBIDTA gains and losses arising from the port operation for this period,” the filing said. L&T, in a separate filing, said the shipyard will continue to be managed and operated by L&T Shipbuilding.
The development comes amid reports that Gautam Adani-led Adani group is likely to take over the operational and management control of L&T Kattupalli International Container Terminal near Chennai to strengthen its presence on the east cost.
