1. Adani Ports inks pact with L&T for Kattupalli Port operations

Adani Ports inks pact with L&T for Kattupalli Port operations

Adani Ports and Larsen & Toubro (L&T) today said they have inked a pact to oversee operations of Kattupalli Port in Tamil Nadu.

By: | New Delhi | Published: October 3, 2015 3:51 PM
adani ports

Adani Ports and Larsen & Toubro (L&T) today said they have inked a pact to oversee operations of Kattupalli Port in Tamil Nadu. (Reuters)

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.

APSEZ in June got Kerala government’s nod for developing the Rs 4,089-crore Vizhinjam International Deepwater Seaport project.

The Ahmedabad-headquartered group, which already operates the country’s busiest port at Mundra in Gujarat, has bagged the order with an estimated cost of Rs 4,089 crore with 4-year timeframe for commissioning of the project.

Chairman Gautam Adani had then said, “It is a strategic location being very close to international shipping route and has the potential to become the biggest trans-shipment hub in the region.”

At present, about one million TEUs of Indian cargo are getting trans-shipped through foreign ports like Colombo.

Development of Vizhinjam port will help in cost saving to Indian trade as the boxes can be trans-shipped at a lower cost from Vizhinjam port.

APSEZ also operates ports in Mundra, Hazira, Tuna-Tekra (Kandla) and Dahej in Gujarat, Dhamra in Odisha and specialised coal handling facilities in Mormugao in Goa and Visakhapatnam in Andhra Pradesh. It is setting up a container terminal at Ennore in Tamil Nadu.

APSEZ is part of the Adani group, which is one of India’s leading business houses with a revenue of over USD 10 billion.

  1. H
    Harry Potter
    Oct 6, 2015 at 10:55 am
    L&T in melting - devil or the deep blue sea - stake or post losses. Complete stake at Dhamra Port (Rs 2500 crores) to Adani group saved LnT from posting losses in q1-2014. LnT Inra stake to Canadian FII (2000 crores) saved LnT from posting losses in q2-2014. LnT Finance not made any money for shareholders in 6-7 yrs, 10% stake sold to Bains, 1300 crores. Kuttapali Port deal final with Adani. On a look out to sell Rajpura Power plant – cost 9600 crores. Plans to sell 15% stake at LnT Infotech to raise 2k crores. Threatened to pull out from Hyderabad Metro 16 k crores, LnT opts out of GAIL tender to build LNG carrier, ss Kachchigarh Gujarat port project. L&T’s commercial real estate project in Chandigarh sold to Carnival Group – Rs 1785 crores. LnT Halol Shamlaji Tollway defaults on Rs 1014 crore loan. LnT Chennai Tada Tollway defaults on Rs 475 crore loan. Inherent malignancies – Hydrocarbon and Ship Building losses of Rs 900 cr each, Hyderabad Metro cost overruns Rs 4k crores, Rs 5k crores stagnating investment in Defence. Financial mismanagement charges see a dozen leaving L&T Hydrocarbon arm. Aging CXO-MD potion of septuagenarians, leading the pack 73 yrs old Chairman Mr Naik completed 50 yrs with LnT as Paid Employee. LnT stock touched 18 month low of 1412, from all-time and 3 months peak of 1879. Total consolidated debt 2014-15, 90.7 thousand crores. Lost whopping 20 percent in last 3 months ! Post Q2-2015 results 3 yr low of 722 ?? Another Satyam in making - L&T like Satyam was barred by World Bank over FORGERY !
    Reply
    1. H
      Harry Potter
      Oct 3, 2015 at 6:03 pm
      Please refer BS article - Financial mismanagement charges see a dozen leaving L&T (Hydrocarbon) arm. All and sundry above 60 at L&T Leave Now!! Second round of business incubation for Adani Group in Port by L&T (Dhamra and Kuttapalli Port sold to Adani), their mines forays might also be on offer. Why L&T want to exit from Port business? L&T - how come Port business could be termed 'non core' et, is it so that they want to only Built and not own and operate? Why this fear of compeion? if so then one by one they should be exiting from all the businesses - if they can’t withstand Adani and do not want to be full-fledged operators Build Own Operate and transfer, once fruit is ripe transfer it to Adani- how come they are in IT business they should sell it off to TCS - and can do some more debt reduction - its kind of Parle's sell off to American cola giants, at the same time Subhash Chandra kept his forte against Ruport Murdoch onslaught. AM Naik has also been very vigilant in keeping L&T safe from hostile bids, why this exit from Ports business? Kind of Blue Ocean Strategy - Port is all Adani's turf - we will stay away from it - please keep on giving construction work? Who is going to sauard interest of this national sector eny or will it wither away? Distresses sell or value unlocking? LnT is sinking under dead-load of Geriatric Leadership. All above 60 - Go Home!! –-----------------------------------------Please allow me to give you all a glimpse (trailer) of a public sponsored circus - Gymnastics by 70 ton Gorillas and Dinosaurs on-going show at L&T please refer BS articles - L&T: International orders worth Rs 30,000 cr at risk - and - why analysts are angry with L&T. Some excerpts - What has angered analysts the most is that the company did not in any way prepare the market for a Rs 900 crore loss. - L&T calls it an error of judgment, as it underestimated risks and overestimated its own capability- Investors and analysts allege the company frequently changes the financial reporting structure, making year-on-year comparison difficult. Some exotic nonsense by geriatric in chief - why Mr Naik is slogging to find successor - " you find a man in the world who will kill himself four times a day, has worked for more than a hundred years;--The day you find such a man he is my successor." - Mr Naik is right, well chronicled life span in modern times is 122 years. On one hand top-bres are taking their compensation and retirement to the highest level possible, on other hand FIRING young talented employees - Please GOOGLE --"Cl Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations".Can employees, investors, analyst TRUST these dinosaurs - All and sundry above 60 Leave Now!!----------------------------------- Cost of public sponsored circus at L&T - number of CxOs/MDs at L&T and all its subsidiaries (138)- their CTC? Just CEO (Mr Venkatraman alas retired this week) and Executive chairmen of L&T pegged at Rs 14 and 21 croes. KUMBH-MELA factories of old to very-old CXOs/MDs. From where Mr Naik (AGED 73) is deriving courage to utter this ugly and most despotic nonsense- just to be an immortal Egyptian Mummy at LnT - why Mr Naik is slogging at 72 to find successor - " you find a man in the world who will kill himself four times a day, has worked for more than a hundred years;-- There is no such person". How on earth he can so openly and brazenly insult young talent - Indian and Global. Egyptian Mummies first want to bid for projects (biting more than they can chew and digest) than they are putting blame - blackmailing newly formed state, threatening pull out. They have implemented international hydrocarbon projects at losses of 900 crores, they concede it as error of judgment, underestimating risks, aggressive bidding, overestimating capabilities. 5000 crores they have invested in defence, again crying foul on name of policies. Biggest shareholders at LnT are state owned LIC/UTI. PM Mr Modi should intervene to fix retirement age at LnT to 60 - ASAP. All and sundry above 60 at L&T Leave Now!!-------------------------------------------- LnT is in dire need of young Information Age leaders in their 40s., LnT Infotech founded as LnT-IT in late 80s, renamed to LnT Infotech in 1997 claiming to touch $1 billion in revenues since 2010 – still not there. Cognizant founded in 1997 is more than $10 billion in revenues. Sans DNA destruction of work culture and mockery of corporate governance at LnT, LnT Infotech could be what TCS is for TATAgroup companies, a great saviour for old-economy TATA companies. LnT Infotech a proven laggard, in news for failed attempt to bid for Satyam, Patni, Polaris, Hexaware, rumoured sell off to Fujitsu. Perennial entry/exit of lateral CXOs, listing gimmicks – it’s in shambles. Year 1999, Mr Naik appointed CEO of LnT group, Infosys headcount in March 2000 nearly 5k, now nearly 1.7 lakhs and LnT Infotech is nearly 20k. What policy paralysis, RBI rates etc Mr Naik (junior engineer turned LnT Chairman, completed 50 years as paid employee with LnT) wants to blame for this most dismal performance in IT space? LnT has failed to cut even 1% of IT business pie of $116 billion in India. LnT Infotech in IT space for more than quarter of a century (25 years) and not even $1 billion in revenues, headcount less than 20k! who is to blame for?- which economic policy, RBI rates, Govt to BLAME? Please GOOGLE – white collar criminal equivalent of rape and murder- “Cl Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations”. All and sundry above 60 at L&T Leave Now!! -------------------------------------- To quote Mr Naik "there is no bloody owner at L&T". Its not just Mr Naik L&T is personal fiefdom of a old-men club, it is divided between septuagenarians vertical wise. CEO Mr Vekataramanan responsible for Hydrocarbon business and its heavy losses. Mr Magapu is responsible for stagnating IT business L&T Infotech and L&T Tech services, Mr Deosthali is CEO of L&T Financeholding, LnT Finance not made any money for shareholders in 6-7 yrs,, Mr MV Kotwal man in charge of L&T's defence forays, 5k crores of futuristic investment oin defence is junking. These gentleman are nearly /above 70. Career span of 50 years as paid employees in a company where state owned LIC/UTI are biggest stake holders - SCANDALOUS - in a country where millions are job less. PM Mr Modi, should intervene to fix retirement age at LnT from SCANDALOUS 75 to 60 - ASAP!! All and sundry above 60 at L&T leading the pack Mr Naik (aged 73) Leave Now!!----------------------------------- L&T in melting - devil or the deep blue sea - stake or post losses. Complete stake at Dhamra Port (Rs 2500 crores) to Adani group saved LnT from posting losses in q1-2014. LnT Inra stake to Canadian FII (2000 crores) saved LnT from posting losses in q2-2014. LnT Finance not made any money for shareholders in 6-7 yrs, 10% stake sold to Bains, 1300 crores. Kuttapali Port deal final with Adani. On a look out to sell Rajpura Power plant – cost 9600 crores. Plans to sell 15% stake at LnT Infotech to raise 2k crores. Threatened to pull out from Hyderabad Metro 16 k crores, LnT opts out of GAIL tender to build LNG carrier, ss Kachchigarh Gujarat port project. L&T’s commercial real estate project in Chandigarh sold to Carnival Group – Rs 1785 crores. LnT Halol Shamlaji Tollway defaults on Rs 1014 crore loan. LnT Chennai Tada Tollway defaults on Rs 475 crore loan. Inherent malignancies – Hydrocarbon and Ship Building losses of Rs 900 cr each, Hyderabad Metro cost overruns Rs 4k crores, Rs 5k crores stagnating investment in Defence. Financial mismanagement charges see a dozen leaving L&T Hydrocarbon arm. Aging CXO-MD potion of septuagenarians, leading the pack 73 yrs old Chairman Mr Naik completed 50 yrs with LnT as Paid Employee. LnT stock touched 18 month low of 1412, from all-time and 3 months peak of 1879. Year ended 31 March, Total consolidated debt 2014-15, 90.7 thousand crores. Market Cap – Rs 1.35 lakh crore. Post Q2-2015 results 3 yr low of 722? ------------------------------------ Infosys BPO entire top-deck got sacked for failing to comply with the company’s code of conduct. Any CXO/MD level official ever got fired in last 5/10 years or resigned on morals grounds? Please refer TOI article – “whistleblower was right: CBI”. Excerpts – “Golden Quadrilateral Project -- M/s LnT had misrepresented the facts”. BS Article – “Rajya Sabha nods for whistle blowers bill” – excerpts – “Prasad recalled the sacrifice of Satyendra Dubey, an Indian Engineering Service officer who was killed after he tried to reveal corruption in the Golden Quadrilateral”. Please GOOGLE – white collar criminal equivalent of rape and murder- “Cl Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations”. Please refer International Business Times article – “$100 Million Sought as New Discrimination, Immigration Violations Complaint Filed against LnT”. Got slapped with ban by World Bank – please refer ET article – “World Bank bars LnT for 6 months over forgery”. To quote Mr Naik "CEO and company are two sides of the same coin, they represent each other. All and sundry above 60 at L&T leading the pack Mr Naik (aged 73) Leave Now!!
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