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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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