Jindal Power seeks NCLAT nod to submit plan
₹90.87 crore. The terminal facility, situated within the government-owned V O Chidambaranar Port Trust (VOCPT) in Thoothukudi, Tamil Nadu, had ceased operations in 2018 and had been left abandoned.
This terminal, with a capacity of seven million tonnes, 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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