Gujarat govt. cancels contract of Sterling biotech for port development

Gujarat Global News Network, Gandhinagar

The Gujarat government has cancelled the contract of Sterling Port Ltd. for developing all weather port at Dahej in Bharuch district. The company is owned by Sandesra brothers of Sterling Biotech who are involved in bank fraud of more than Rs. 15,000 crore.

The company was awarded letter of intent for developing port in 2009. Gujarat Maritime Board (GMB) allotted 84.95 hectare land to the company for developing the same. But till the date no work has been done. Not only that as per agreement the company has also failed to Rs.37.50 crore bank guarantee to GMB. It did not pay rent for the land which it was allotted for development of port.

The government granted six months to the company for doing the same. But it failed to comply. In the board meeting of GMC the government decided to cancel the contract and forfeit guarantee money. The Chief Minister has also ordered to take back the land which was given to the company.

For news in Hindi see our Hindi daily Chaupal Chronicle



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