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| Exchange Disseminated Time 21/08/2015 15:36:45 | The Exchange had sought clarification from Larsen & Toubro Ltd with respect to news article appearing in Mint on August 21, 2015 titled "L&T scraps Gujrat port project citing environmental reasons"
Larsen & Toubro Ltd replied stating "We wish to clarify that L&TIDPL, a subsidiary of L&T, had incorporated a wholly-owned subsidiary L&T Port Sutrapada Private Ltd to implement the project awarded by Gujarat Maritime Board (GMB) in February 2008 on a competitive bidding basis for setting up a greenfield sea port at Sutrapada on BOOT basis. While the Company had geared itself for undertaking the project, GMB faced severe difficulty in allocating the required land for the project. In July 2010, GMB approved shifting of the location of the project site to Kachchigarh, Dwaraka District for development of the sea port. The Subsidiary was re-christened as L&T Port Kachchigarh Limited.
However, pursuant to marine surveys carried out at Kachchigarh and detection of the presence of growing coral reefs in the vicinity, it was communicated to GMB that the Company did not seek further extension to the Letter of Intent that had expired in August 2013.
As to Kattupalli Port near Chennai, the Company cannot comment on speculative statements." |
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