Tuesday , 21 May 2019
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Grup TCB has announced that the Bay of Bengal Gateway Terminal Private Limited consortium, formed to design, construct and operate the container terminal at the Indian port of Ennore, will withdraw from the project with immediate effect.

BREAKING NEWS – TCB pulls out of Bengal Gateway

The consortium says that the decision has been based on the unfavourable evolution of the Indian economy since the concession was awarded, which no longer makes the project financially viable.

A statement issued by the consortium said, “The project feasibility has been greatly affected by higher interest rates, higher total project costs due to the devaluation of the Indian rupee and a slowdown in growth of container volumes in the Chennai area”.

The consortium, where Grup TCB holds a 26% share, was awarded a 30-year concession for the 2.3m teu capacity facility in August 2010.