[2] Karaikal Port project began with a Letter of Interest issued by Govt.

Phase 1 comprises 2 Panamax size berths capable of handling 5.2 million MT of cargo per annum.

The port has received over 1655 vessels since Commercial Operations and has handled over 55 million MT of various cargo.

In 2015, Edelweiss Asset Reconstruction Company took over 97% of the port’s ₹1,800 crore bank debt, turned around operations, brought in management changes and started setting up an LNG terminal.

Edelweiss also converted part of its debt exposure to equity and now holds 11% stake in the company.

In May 2021, Adani Ports and Special Economic Zone Limited is looking to buy Karaikal port in Puducherry at a valuation of ₹1,500-2,000 crore but multiple sources said that the deal is “not easy” to consummate given the ownership structure and the debt.