AsiaPorts and Logistics
State-run bank takes over India’s Karaikal port
State-run Indian Bank has taken control of the port of Karaikal after Marg, its developer, failed to pay back loans. Chennai-based Marg is involved in real estate and infrastructure.
Karaikal is one of the 10 new private ports built in India since 2005. It started operations in 2009, with Marg winning a 30-year concession from the local Puducherry government. However, for the last three years it has posted losses.