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Jindal Power seeks NCLAT nod to submit fresh resolution plan for Tuticorin Coal Terminal
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₹90.87 crore. The terminal, situated within the government-owned V O Chidambaranar Port Trust (VOCPT) in Thoothukudi, Tamil Nadu, had ceased operations in 2018 and was abandoned.
The terminal, with a capacity of 7 million tonne, was established and operated through an Indo-French joint venture. ALBA Asia held a majority stake of 74%, while the French shipping group Louis Dreyfus Armateurs SAS (LDS) held a 26% stake.
In total, the terminal owed ₹355.79 crore to seven banks, with Bank of India being the principal creditor in the group. It is believed that the financial viability of the Tuticorin Coal Terminal was compromised by the high revenue percentage (around 52.7%) agreed upon for sharing with the VOC Port Trust.
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