Infrastructure major Larsen and Toubro, in-charge of development of Kattupalli port near here, has decided to sell it to Adani Kattupalli Ports Private, a subsidiary of Adani Ports and Special Economic Zone.
As part of this initiative, Larsen and Toubro has inked an in-principle agreement with Adani Kattupalli Ports Ltd.
"Larsen and Toubro has entered into an in-principle agreement with Adani Kattupalli Ports Ltd for strategic sale of the Kattupalli port in Tamil Nadu," the company said in a BSE filing.
Currently, L&T through its subsidiary L&T Shipbuilding has been operating the port and the shipyard.
"The strategic sale is subject to receiving necessary approvals from the government of Tamil Nadu and the Centre," it said.
Kattupalli is a deep-water all-weather port with an international container terminal located some 35 kms from Chennai.
The port began operations in January 2013 and has two berths with a total quay length of about 710 metres. It can handle containers with installed capacity of 1.2 million twenty-foot equivalent units (TEUs) per year.
