Kerala Court Releases MSC Vessel After Rs 12.28bn Guarantee

12 Jan 2026 CW Team

The owner of container ship MSC Elsa 3, which sank off the Kerala coast in May 2025, has deposited a compensation amount of Rs 12.28 billion with the Kerala High Court in the form of a bank guarantee. Following the deposit, the court permitted the release of its sister vessel, MSC Akiteta-2.

The sister vessel, which had been detained off Vizhinjam under a court order dated November 11, has since sailed from the port. A Bench headed by Justice M. A. Abdul Hakhim posted the matter relating to compensation for further hearing on February 13.

In September, the High Court had reduced the security amount payable by the ship’s owners from Rs 95.31 billion to Rs 12.28 billion, modifying its earlier order of July 7. The original order had been passed in an admiralty suit filed by the Kerala government, pursuant to which MSC Akiteta-2 was detained at Vizhinjam.

The state government had sought compensation of Rs 95.31 billion, primarily citing marine and coastal pollution and losses suffered by fishing communities following the sinking of the vessel. Acting on the claim, the court had ordered the conditional arrest of the sister ship until the security amount was furnished.

In its earlier observations, the court held that the discharge of oil from the vessel into the sea had been established and that such discharge posed a serious risk of environmental pollution.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..