Container Corporation of India (CONCOR) on Monday said it is surrendering its 15 terminals with a turnover of Rs 277.50 crore to railways due to "commercial and business viability considerations". These terminals, spread across various states, have 'net block' worth Rs 64.84 crore, the company said.
"Due to commercial and business viability considerations, the company has decided to re-organise its number of terminals by surrendering/ handing over certain terminals of the company which are built on the land taken on lease from the railways," CONCOR said in a BSE filing. According to the company's assessment, the surrender or handover of the terminals to the railways will not impact the business of the company materially, it said.
The company said its Madho Singh (Rajasthan), Rourkela (Odisha), Tatanagar (Jharkhand), and Maharashtra's Chinchwad, Miraj and Bhusawal terminals were found "not viable for business". About the Rewari (Haryana) terminal, it said that road-based terminal will continue and traffic will be cleared from Khatuwas railhead; while about the Ballabhgarh (Haryana) terminal, it said that business has been shifted to Delhi.
Giving the reason behind surrender of the Babarpur (Haryana) terminal, it said the existing traffic of Babarpur has been diverted to CONCOR's newly developed MMLP Barhi; and for the Desur (Karnataka) terminal, it said the "railways has demanded land back". About the Visakhapatnam terminal, it said the existing traffic has been shifted to MMLP/Vishakhapatnam.
Other terminals surrendered included Raipur (Chhattisgarh), Sabarmati (Gujarat), Ratlam (Madhya Pradesh) and Nagpur (Maharashtra).
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today