Breaking News

You are here » Indian-Commodity  :  Corporate  :  GMB encashes bank guarantee of Rs 185.35 million provided by Gujarat Pipavav Port

14-Feb2019

GMB encashes bank guarantee of Rs 185.35 million provided by Gujarat Pipavav Port

Gujarat Maritime Board (GMB), the Port Regulatory Authority of Gujarat has encashed a Bank Guarantee of Rs 185.35 million provided by Gujarat Pipavav Port. The Guarantee was furnished by the company pursuant to the conditions stipulated by GMB while approving the company's project expansion plan vide its letter dated April 10, 2015.

The company's project expansion plan included capex towards increasing the port's bulk cargo handling capacity at Pipavav on the back of coal-based power plants that were planned in the vicinity by certain private parties. In absence of these power plants the company has not increased its bulk cargo handling capacity.

In view of the company's inability to incur the capex expansion plan as envisaged, GMB has on February 13, 2019 encashed the bank guarantee of Rs 185.35 million.

Gujarat Pipavav Port is engaged in providing port handling and marine services for container cargo, bulk cargo, and LPG cargo.


Related News

View all news

Cenlub Industries planning to incorporate wholly owned subsidiary

Cenlub Industries is planning to incorporate wholly owned subsidiary. The board of directors of the company will consider the same in the board meeting to be held on March 02, 2019. Cenlub Industries is......

Asahi Songwon Colors to shutdown CPC Crude Blue Plant

Asahi Songwon Colors has planned a shutdown of CPC Crude Blue Plant at Padra, Vadodara district with effect from February 24, 2019 to carry out the periodic maintenance. The shutdown will affect CPC Crude......

Godfrey Phillips India's arm divests entire stake in Gopal Krishna Infrastructure

Godfrey Phillips India's step down subsidiary-- Unique Space Developers has divested its entire stake in Gopal Krishna Infrastructure & Real Estate (100% subsidiary of Unique Space Developers)......

Top News

View all news

City Union Bank opens four new branches in Tamil Nadu

City Union Bank has opened four new branches in the state of Tamil Nadu on February 22, 2019. The bank has inaugurated 621th and 622nd branch at Nambiyur and Moolapalayam, respectively. The bank has also......

Syndicate Bank enters into partnership with Srei Equipment Finance

Syndicate Bank has entered into partnership with Srei Equipment Finance to jointly provide financing for construction and farm equipment. Under the arrangement, Syndicate Bank would leverage on its low-cost......

Tata Motors to supply 80 Electric buses to West Bengal Transport Corporation

Tata Motors will supply 80 Electric buses to the West Bengal Transport Corporation (WBTC). The company has already supplied 20 Ultra Electric 9/9m AC E-buses, with remaining 20 9/9m AC E-buses scheduled......