Companies & Sectors
ABG-LDA JV announces immediate exit from Haldia Port

 

Problems have been brewing at Haldia Dock Complex, run by Kolkata Port Trust (KoPT), after berth operator Haldia Bulk Terminals, the JV between ABG and LDA sacked 275 employees 
 
Kolkata: Cargo handling company Haldia Bulk Terminals (HBT), jointly promoted by ABG group of India and French logistics company LDA, on Wednesday announced its immediate exit from West Bengal's Haldia port citing unsafe work conditions, reports PTI.
 
Problems have been brewing at Haldia Dock Complex, run by Kolkata Port Trust (KoPT), after berth operator HBT sacked 275 employees early this month stating that they were surplus.
 
"With a deep sense of disappointment we have to inform you that we have been left with no option but to walk out from Haldia Dock Complex with immediate effect," HBT CEO Gurdeep Malhi said in a statement.
 
"The ever worsening situation at Haldia has left us feeling betrayed and we hope that the elements responsible for driving us out of Haldia are brought to justice," he said.
 
Operations of HBT, which handles cargo with mechanised cranes in berth No 2 and No 8 at the Haldia Dock Complex, were stopped since mid-September.
 
Retrenched HBT workers along with trade union workers have been agitating inside and outside the port.
 
HBT on other hand had alleged on Sunday that three of its management officials and two of their family members were kidnapped by outsiders who warned them not to return to Haldia.
 
Yesterday, West Bengal Chief Minister Mamata Banerjee had said that full police protection was being provided at Haldia.
 
KoPT a few days ago had placed an application before the Calcutta High Court for direction to HBT to resume work since an agreement for a resolution to the impasse was already signed while work was not resumed by the private cargo handler.
 
Earlier in the day, counsel for HBT told the Calcutta High Court vacation bench of Justice Sambuddha Chakraborty that a letter was faxed to the port authorities informing them of its decision.
 

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IDBI Bank Q2 net profit falls 6.3% to Rs483.5 crore on higher provisions

 

During the second quarter, IDBI Bank's gross NPA rose to 3.45% from 2.47% while net NPA rose to 2.04% from 1.57% a year ago
 
Mumbai: Public sector lender IDBI Bank reported a 6.3% drop in its net profit to Rs483.5 crore in the second quarter of the current financial year on the back of additional provisioning for pensions, reports PTI.
 
Net profit of the bank was at Rs516 crore in the same period last fiscal.
 
Total income of the bank rose 9.5% to Rs6,880 crore in the July-September period against Rs6,282 crore reported in the year-ago period, the bank said in a statement last evening.
 
According to the bank, total business during the period registered a 5% rise to Rs3,46,457 crore against Rs3,29,916 crore reported a year earlier. While deposits rose 3% to Rs1.8 lakh crore, advances grew 7% to Rs1.7 lakh crore during this period.
 
During the quarter, the bank witnessed rise in both gross NPA and net NPA. While the gross NPA jumped to 3.45% from 2.47% a year, net NPA rose to 2.04% from 1.57 percent a year ago.
 
The bank's capital adequacy ratio stood at 13.91% by the end of September quarter.
 

 

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Fraport to exit Delhi airport JV by June

 

In June, Fraport had said they would be quitting the country due to policy and project delays and would also be shutting its development office
 
Mumbai: Fraport of Germany, the world's second largest airport operator on Wednesday said it will exit the Delhi airport by selling its entire 10% interest and is in discussions with joint venture partner GMR Group in this regard, reports PTI.
 
"We expect the process of selling our 10% holdings in the Delhi airport to be done by next June," Fraport Vice-President for global investments Kai Zobel told reporters.
 
That would mark the complete exit of the German major from the country, as in June it had said that it would be shutting its development centre in the country.
 
However, he added that the company "is open to further investments in this country but we would like policy clarity before that." 
 
Fraport picked up 10% stake in Delhi International Airport (DIAL) in 2006 as part of the consortium formed by GMR Group after winning the concession agreement from the government.
 
The other major partner in DIAL is the state-run Airports Authority, apart from Eraman Malaysia.
 
The move also comes as Fraport's role as an operator will lapse next May under the agreement JV with.
 
However, Zobel said his company is keen on looking at the proposed Navi Mumbai airport. "But we don't want to simply play the role an equity player," he told reporters on the sidelines of the last day of the two-day Capa summit.
 
In June Fraport had said they would be quitting the country due to policy and project delays and would also be shutting its development office.
 
Early this month, the GMR Group had been quoted as saying in a section of the media that it was ready to buyout its partners in DIAL.
 
GMR, which leads the consortium, holds about 54% stake in Dial, the Airports Authority 26%, and Fraport and Malaysian airport company Eraman Malaysia have 10% each. While Fraport is the airport operator and Eraman Malaysia is the retail advisor. There are other minor investors, too.
 
In January 2006, the GMR-led consortium was awarded the concession to operate, manage and develop the IGI Airport following an international competitive bidding.
 
Dial entered into an operations, management and development agreement with the AAI on 4 April 2006. The initial term of the concession is 30 years, extendable by a further 30 years.
 

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