Adani Ports appoints Neeraj Bansal as CEO for Dighi Port

30 Aug 2021 CW Team

According to multiple sources, Bansal took voluntary retirement from IRS in July before joining the APSEZ unit.

After completing a five-year tenure on deputation from IRS, Bansal left JNPT in May 2019.

APSEZ told the media in February that it is planning to spend Rs 10,000 crore in developing Dighi port into a multi-cargo port and positioning it as an alternate gateway to JNPT situated nearby after completing the acquisition of the debt-laden port for Rs 705 crore under India's bankruptcy law.

Dighi is the 13th port in the network of ports owned by APSEZ, the biggest private port operator of India, and help the company in establishing its footprint in the largest contributor to India's GDP, Maharashtra.

An upfront amount of Rs 650 crore has been paid by APSEZ to a clutch of 16 banks led by Bank of India, a 78.7% hair cut to the Rs 3,056.96 crore that Dighi Port owed these financial creditors, making it one of the cheapest deals in the ports sector.

Under the leadership of Bansal, JNPT initiated steps to take part in the corporate insolvency resolution process of Dighi Port Ltd.

The plan of resolution of Rs 853.28 crore JNPT has submitted, which is Rs 1 crore less than the one submitted by APSEZ, has been sanctioned by the lender's panel and ratified with some conditions by the insolvency court in Mumbai.

However, JNPT said it was not acceptable to the changes proposed by the insolvency court to its lender's approved resolution plan and backed out of the process.

APSEZ emerged as the winning bidder when resolution professionals called the new bids.

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Former deputy chairman and chairman in charge of Jawaharlal Nehru Port Trust (JNPT), Neeraj Bansal, has quit the Indian Revenue Service (IRS) to join as the chief executive officer of a unit of Adani Ports and Special Economic Zone (APSEZ), Dighi Port Ltd. According to multiple sources, Bansal took voluntary retirement from IRS in July before joining the APSEZ unit. After completing a five-year tenure on deputation from IRS, Bansal left JNPT in May 2019. APSEZ told the media in February that it is planning to spend Rs 10,000 crore in developing Dighi port into a multi-cargo port and positioning it as an alternate gateway to JNPT situated nearby after completing the acquisition of the debt-laden port for Rs 705 crore under India's bankruptcy law. Dighi is the 13th port in the network of ports owned by APSEZ, the biggest private port operator of India, and help the company in establishing its footprint in the largest contributor to India's GDP, Maharashtra. An upfront amount of Rs 650 crore has been paid by APSEZ to a clutch of 16 banks led by Bank of India, a 78.7% hair cut to the Rs 3,056.96 crore that Dighi Port owed these financial creditors, making it one of the cheapest deals in the ports sector. Under the leadership of Bansal, JNPT initiated steps to take part in the corporate insolvency resolution process of Dighi Port Ltd. The plan of resolution of Rs 853.28 crore JNPT has submitted, which is Rs 1 crore less than the one submitted by APSEZ, has been sanctioned by the lender's panel and ratified with some conditions by the insolvency court in Mumbai. However, JNPT said it was not acceptable to the changes proposed by the insolvency court to its lender's approved resolution plan and backed out of the process. APSEZ emerged as the winning bidder when resolution professionals called the new bids. Image Source

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