Neeraj Bansal, the former
deputy chairman and chairman in-charge of Jawaharlal Nehru Port Trust (JNPT),
has quit the Indian Revenue Service (IRS) to join as the chief executive
officer of Dighi Port Ltd, a unit of Adani Ports and Special Economic Zone Ltd
Bansal took voluntary retirement from IRS
before joining APSEZ unit
Bansal took voluntary
retirement from IRS in July ahead of joining the APSEZ unit, multiple sources
Bansal left JNPT in May
2019 after completing a five-year tenure on deputation from IRS.
In February, APSEZ said
it plans to invest ₹10,000 crore to develop Dighi port into a multi-cargo port
and position it as an alternate gateway to JNPT located nearby after completing
the acquisition of the debt-laden port for ₹705 crore under India’s bankruptcy
Dighi is the 13th port in the network of ports
owned by APSEZ
Dighi is the 13th port in
the network of ports owned by APSEZ- India’s biggest private port operator –
and help the company establish its footprint in Maharashtra, the largest contributor
to India’s GDP.
APSEZ paid an upfront
amount of ₹650 crore to a clutch of 16 banks led by Bank of India, a 78.7 per
cent hair cut to the ₹3,056.96 crore that Dighi Port owed these financial
creditors, making it one of the cheapest deals in the ports sector.
JNPT under Bansal’s
leadership, initiated steps to participate in the corporate insolvency
resolution process of Dighi Port Ltd.
The resolution plan of
₹853.28 crore submitted by JNPT – ₹1 crore less than the one submitted by APSEZ
– was approved by the lenders panel and ratified by the insolvency court in
Mumbai with some conditions.
JNPT not agreeable to modifications by
insolvency court backed out of the process
JNPT, however, said it
was not agreeable to the modifications suggested by the insolvency court to its
lenders approved resolution plan and backed out of the process.
APSEZ emerged the winning
bidder when fresh bids were called by the resolution professional.