ICTSI cancels Indian terminal contract
International Container Terminal Service Inc (ICTSI) has pulled out of a deal to operate a container terminal in India, declaring it not to be in the interests of the company.
In a disclosure to the Philippine Stock Exchange earlier this week, the company announced that subsidiaries ICTSI Ltd. and ICTS (India) Pte Ltd had signed a termination agreement with L&T shipbuilding Ltd. (LTSB) cancelling the company’s port agreement to manage and operate the Kattupalli Container Terminal in Tamil Nadu, India.
The operator is to be reimbursed for the license fee it paid to operate the terminal
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