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Chennai Port Rejects Mundra Bid for Container Terminal Contract

Dec. 31 (Bloomberg) -- Chennai Port Trust said it rejected a bid of 37 billion rupees ($697 million) from billionaire Gautam Adani’s Mundra Port and Special Economic Zone Ltd. to build a container terminal.

“We rejected it because the royalty offered was very low,” Chennai Port Trust Chairman Atulya Misra said by phone today.

The bid was the only one received for the contract to build by 2018 India’s first deep-water terminal capable of handling container ships of 400 meters in length, according to the port’s website.

Ahmedabad-based Mundra Port is 77 percent owned by Adani Enterprises Ltd., India’s biggest coal importer, and won a long-term lease in May to operate Australia’s Abbot Point terminal.

To contact the reporter on this story: Ganesh Nagarajan in Chennai at gnagarajan1@bloomberg.net

To contact the editor responsible for this story: Paul Tighe at ptighe@bloomberg.net

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