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Speedy Multimodes to quit deal for running JNPT CFS

Swastik Enterprises Ltd which runs India’s only container freight station (CFS) that is regulated by the rate regulator has notified its owner Jawaharlal Nehru Port Trust (JNPT) of its intent to quit the 20-year operation and maintenance contract, bringing the curtains down on a controversial deal.

The CFS - Speedy Multimodes Ltd – spread over 68 acres is owned by JNPT but was given to DBC Port Logistics Ltd on an operation and management (O&M) contract for 20 years beginning January 1, 2006. Hence, Speedy is the only CFS among the 33 servicing JNPT whose rates are regulated by the Tariff Authority for Major Ports or TAMP, the rate regulator for the 11 Union government-controlled ports.

Read more on The Hindu.

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