Swiss challenge auction for Indira Terminal dues draws no bids

29 Aug 2024 CW Team

A Swiss challenge auction aimed at settling the unpaid dues of Indira Container Terminal (ICTPL) has failed to draw any bidders. The auction, intended to resolve long-standing financial issues, was launched to attract offers for ICTPL?s settlement of dues. However, despite efforts to attract interest, no bidders came forward.

ICTPL has been grappling with financial troubles, which include unpaid dues to the Mumbai Port Authority (MbPA). The terminal, a joint venture between Gammon Infrastructure and Spain's Dragados SPL, has struggled to operate effectively due to various challenges, including underutilization and delays in project execution.

The Swiss challenge auction process is designed to allow third parties to offer bids, with the original bidder given the opportunity to match or better the highest offer. The failure of this auction now raises concerns about the next steps for ICTPL and its debt settlement plan.

The MbPA and ICTPL's stakeholders are likely to explore alternative options to resolve the financial crisis. The port authority is expected to look for new bidders or restructure the dues to facilitate the terminal?s recovery.

The lack of interest in the auction reflects the broader challenges facing the terminal, with its future now uncertain. Stakeholders are keenly watching how ICTPL and the authorities will navigate this financial impasse in the coming months.

Infrastructure Transport

10 Jul 2026

Uttar Pradesh unveils infrastructure-led growth roadmap at RAHSTA

Mumbai, 9 July 2026: Uttar Pradesh’s ambitious infrastructure-led growth strategy took centre stage on Day 2 of the 16th RAHSTA Expo, where senior government officials outlined how expressways, industrial corridors and technology-driven governance are transforming the state into one of India's most attractive investment destinations.Delivering the keynote address, Srihari Pratap Shahi, IAS, Additional Chief Executive Officer, Uttar Pradesh Expressways Industrial Development Authority (UPEIDA), highlighted the state's long-term vision of integrating world-class expressways with industrial dev..

NCW closes PRIME Offices Fund at Rs 40 billion

Nuvama and Cushman & Wakefield Management (NCW) has announced the final close of its flagship PRIME Offices Fund at approximately Rs 40 billion, exceeding its original target of Rs 30 billion following strong investor demand.The fund was launched to provide Indian investors with access to institutional-grade commercial office assets across key office markets in the country. According to NCW, the increase in the fund size was supported by strong investor participation and the availability of investment opportunities in India's office sector.The fund has already committed around 45 per cent ..

Mayfair Housing adopts Autodesk Forma for digital project planning

Mayfair Housing has entered into a three-year strategic partnership with Autodesk to deploy Autodesk Forma, an AI-enabled cloud platform, as part of its digital transformation programme aimed at improving project planning and execution across its development and redevelopment portfolio.The platform will be integrated into the company's Building Information Modelling (BIM) workflow to support architects, planners and project teams during the early stages of design and development. Autodesk Forma combines real-world data, environmental simulations and collaborative workflows to facilitate data-d..