PSA International’s growth aspirations in India have received a jolt after the country’s southern Tuticorin Port authority, also known as V.O. Chidambaranar (VOC), last week issued a notice of termination to PSA-Sical Terminals over long unsettled royalty obligations.
“Till date, PSA Sical has not paid the royalty dues nor approached this port for payment of the royalty dues. In terms of Article 13.4.5 of the License Agreement, the 90 days period of termination notice expired on 19 April 2022....