Karaikal Port: Adani ports wins bid
Adani Ports & SEZ Limited (APSEZ) has won the bid for Karaikal Port. The firm placed an offer of Rs 1,200 crore and surpassed the one from rival Vedanta. The Adani Group has been scaling up its ports business and sees the southern port located in Pondicherry as a natural fit.
The bidding for the port was conducted under the Insolvency and Bankruptcy Code (IBC) guidelines as lenders to Karaikal Port met last week to approve APSEZ's offer, which will now be taken to the National Company Law Tribunal (NCLT) for the final approval.
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