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Adani Ports and Special Economic Zone clarified on Thursday that there is no conclusion reached yet on the resolution of the Karaikal Port. The clarification was in response to a news report on December 2 which stated that the company has won the bid for the Karaikal Port with an offer of Rs 1,200 crore.

In a filing to the stock exchanges, the Adani Group company clarified that it has submitted a resolution plan in the Corporate Insolvency Process of the Karaikal Port Pvt. Ltd., which is being undertaken as per the April 29 order of the Chennai Bench of the National Company Law Tribunal (NCLT).

The company added that the aforementioned process continues to be in transit and that no conclusion on the matter has been reached yet.

On the announcement of the successful bidder by the Resolution Professional, the plan will be subject to the approval of the NCLT after being given a green signal by the Committee of Creditors.

For the month of November, Adani Ports recorded a 6 percent year-on-year growth in container volume while dry bulk cargo increased by 2 percent. The total cargo handling reached 25.3 million metric tonnes (MMT) in November. It handled 228 MMT of cargo during the April-November period, 9 percent higher than the corresponding period last year.

Shares of Adani Ports ended 0.7 percent higher at Rs 893.15.

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