In a not entirely unexpected development, the JNPT Board has just announced that “In view of the delay and defaults at your (consortium) end, the letter of award is rendered null and void and is hereby withdrawn forthwith.”
In recent months, rumours have been circulating as to what was happening about the concession but in a letter to from (JNPT) Oct 16 to Lee Chen Yong, PSA’s CEO Middle East and South Asia that CM has managed to obtain, JNPT lists a number of issues of conflict including the payment of the stamp duty and also the withdrawal of ABG from the consortium.
Citing that the consortium “on one ground or another” had delayed and refused to execute the Concession Agreement while seeking to modify and amend it, JNPT said that “this was not permissible.”
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