New Delhi: Fairfax India Holdings, which also owns Bengaluru International Airport, has divested its 51% stake in Saurashtra Freight to Japan-based Kamigumi Co. Ltd. for ₹662 crore, according to a regulatory disclosure. Fairfax had acquired the stake in 2017 for ₹200 crore, marking a significant return on investment. Saurashtra Freight operates one of the largest container freight station (CFS) facilities at Mundra Port in Gujarat, a key hub for India’s maritime trade. Prem Watsa,...Read More

Bhuj: In the wake of the Pahalgam terror attack, the Union government imposed a complete ban on all direct and indirect trade with Pakistan. Despite this, certain elements attempted to circumvent the restrictions by misdeclaring the origin of cargo. In response, the Ministry of Finance launched “Operation Deep Manifest”, targeting illicit imports routed through third countries. Under this operation, the Directorate of Revenue Intelligence (DRI) recently seized 47 containers of rock salt (...Read More

Bhuj: Mundra, the largest commercial port in the country, and Kandla Port, both located in Kutch, have been asked to enforce a blackout amid the escalating tension between India and Pakistan. Mundra Port has cancelled all its berthing plans, while all vessels at Kandla Port have been instructed to switch off their lights. Shipping movement at both ports has been halted until daybreak. Pakistan has been carrying out drone and missile attacks in India’s border states, which have been blocked by...Read More

Japan K Pathak, Gandhinagar: The Gujarat government is set to initiate the Port City project in the near future. Finance Minister Kanubhai Desai has proposed an allocation of Rs. 100 crore for the financial year 2025-26 in the annual budget of the state, which he presented on February 20th. An amount of Rs. 100 crore provisioned under the head of department of Ports in the budget shall be utilized as government equity participation for the proposed Special Purpsoe Vehicle(SPV) for the Port city...Read More

Mundra: In a significant operation, the Gandhidham Regional Unit of the Directorate of Revenue Intelligence (DRI) has seized nearly 200 containers of watermelon seeds at Mundra port, with a market value of approximately Rs 100 crore. These seeds were imported from Sudan, and around 17 importers are suspected to be involved in the smuggling operation. Acting on intelligence, the DRI’s Gandhidham unit found that these importers were attempting to exploit provisions of DGFT's Notification No. ...Read More