DP World set to exit Mundra terminal
Subhomoy Bhattacharjee, Anil Sasi :New Delhi, Dec 13 2012, 03:27 IST
DP World’s ownership after it acquired P&O Ports in February 2006.
However, the Gujarat Maritime Board (GMB), the state maritime regulator, had termed the takeover “illegal” as its permission wasn’t sought. After the takeover of P&O, DP World had argued that there was no condition in the contract that required prior permission from GMB before taking over of the terminal.
Subsequently, through a notice issued on November 8, 2007, the Adani Group moved to terminate the contract with DP World and start discussions on asset transfer. In December 2007, DP World resorted to legal recourse to prevent the Adani Group from terminating the contract. DP World and the Adani Group were also locked in a separate legal battle over rights to operate a second container terminal at the port.
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