May 11, 2022 | Business
Background
In the past decade, Government of India invited private investment into Major Port Sector and several projects were awarded under Design, Built, Finance, Operate & Transfer (DBFOT) basis across the Major Ports in the country. Since the implementation of first PPP project at Major Port in 1997, significant progress has been made through this method of implementation. Notable benefits including private investment, capacity addition and operational efficiency has contributed to the growth of the sector. Currently, 34 projects of over INR 27,000 crore are operational and 25 projects of over INR 14,000 crore are under implementation. The operational projects have added a capacity of around 350 MTPA at Major Ports.
Under Asset Monetisation, there is clear pipeline of 31 projects of Rs. 14,500 Cr. to be awarded by 2025. Apart from current pipeline of 31 projects under NMP, additional 50 projects (of value ~INR 27,500 crore) have been identified for offer under PPP. Out of these 50 projects, 14 projects (~INR 2,400 crore) are envisaged to be offered in FY 2022-23.
In order to encourage private investment in the Major Port sector and standardise the diligence process for implementation of such projects and encourage EoDB, the Ministry has undertaken many initiatives in terms of preparation of policies/ guidelines.
With the aim to reduce arbitrations and litigation in the sector, new Model Concession Agreement (MCA) was launched by the Minister of MoPSW on 21st November 2021. The new document provides clarity on responsibilities and obligations of parties along with remedial measures in case of change in law. Apart from new MCA, new Tariff Guidelines have been issued with the focus on flexibility to PPP player to fix tariffs as per market dynamics, provide level playing field for competition between private terminals at major port and private port, facilitate better utilization of the capacity and introduce differential royalty rate to promote coastal shipping and transshipment
Despite all the policy level initiatives to mitigate the possibilities of litigation and encourage EoDB and due diligence and caution at the time of conceptualizing these projects from various perspectives, the survival of some of the projects is at risk due to various reasons like aggressive bidding and optimistic projections with regard to volumes & charges, unforeseen dynamic changes in the business and absence of flexibility to overcome such dynamic changes in the Concession Agreements that were either not foreseen or are beyond the control of the collaborating partners, i.e., the Concessionaire and the Concessioning Authority.
The Guidelines
The Ministry of Ports, Shipping & Waterways has finalized the guidelines for dealing with Stressed Public Private Partnership (PPP) Projects at the Major Ports on 10 May 2022.
These guidelines have been framed for:-
- Projects which became stressed during construction stage, i.e., Pre-COD stage i.e. where the work has stopped due to inability of Concessionaire to continue with the execution of the project because of the reasons inter-alia aggressive bidding and the optimistic projections with regard to volumes & charges, unforeseen dynamic changes in their business; and
- Projects, both at Pre-COD and Post-COD stage, which became stressed due to borrowings being categorized by the lenders to the projects as NPA and/or lenders have approached NCLT for recovery of their dues, i.e., the PPP projects undertaken by the Major Ports where the work has stopped due to inability of Concessionaire to continue with the execution of the project on account of borrowings of the Concessionaire having been categorized by lenders as NPA and / or proceedings initiated against it before the NCLT under the Insolvency and Bankruptcy Code 2016 or under Section 241(2) of the Companies Act 2013.
Mechanism for Resolution of Stressed Projects:
- In case of the projects which became stressed during construction stage i.e., Pre-COD stage, the Concessioning Authority would pay to the Concessionaire or to the lenders of the Concessionaire (as the case may be), as full and final settlement for taking over the useful assets created by the Concessionaire, an amount equal to the lower of the following sums
- the value of the work done by the concessionaire in accordance with the Concession Agreement and found useful by the major port (i.e. the Concessioning Authority); or
- 90% of Debt Due as defined in the Concession Agreement; or
- Any other amount as may be mutually agreed in writing between the Concessioning Authority and the Concessionaire as per the relevant provisions of Model Concession Agreement (MCA) 2021.
- Projects which became stressed both at Pre-COD and Post-COD stage, due to borrowings being categorized by the lenders to the projects as NPA and/ or lenders have approached NCLT for recovery of their dues, i.e., the PPP projects undertaken by the Major Ports where the work has stopped due to inability of Concessionaire to continue with the execution of the project on account of borrowings of the Concessionaire having been categorized by lenders as NPA and / or proceedings initiated, the due process before the NCLT under the Insolvency and Bankruptcy Code 2016 or under Section 241(2) of the Companies Act 2013 will be followed.
The Benefits of the new Guidelines
The aim of the guidelines is to facilitate revival of the projects falling in the category of stressed projects. These guidelines will pave the way for resolution of the cases under arbitration. The port asset is likely to be put to use through re-bidding. This will definitely result in unlocking the blocked cargo handling capacity of approximately 27 MTPA thereby creating better trade opportunities for the prospective investors and Port Authority will start generating revenue. It will repose confidence in the investors/ concessionaires and also generate employment opportunities.
Some of the long standing disputes on stressed assets at various major ports that may see early resolution are:
- Development of 13th Multipurpose Cargo (Other than Liquid/ Container Cargo) Berth on BOT Basis at Deendayal Port (1.50 MTPA approx.)
- Development of 15th Multipurpose Cargo Berth at Kandla at Deendayal Port (1.50 MTPA approx.)
- Offshore Container Terminal (OCT) at Mumbai Port (9.60 MTPA approx.)
- Construction of NCB-II at VOC Port (7.00 MTPA approx.)
- Berth EQ-1A at Visakhapatnam Port (7.36 MTPA approx.)
On this occasion, Shri Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways stated that “These Guidelines will facilitate for early resolution of various issues and revival of stressed projects along with unlocking the immense potential of those projects resulting in creation of more trade and job opportunities.”
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Jan 3, 2022 | Business
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Nov 23, 2021 | Business
Weve been very fortunate to bring such incredible talent into the company, all while striving for everyone to be genuinely happy to work at Resolution Games and feel that our output is a direct reflection of the success of this goal. With the continued enthusiasm were seeing from players, theres been no shortage of opportunity to continue our teams growth, and we are looking forward to doing that in a way that continues along the path toward this goal.
Resolution Games, the leading creators of virtual and augmented reality games, today announced the acquisition of Zero Index to accelerate the growth of the Resolution Games library across all major VR and AR platforms. The games studio, based in Linköping, Sweden, currently has four employees and will be rebranded as Resolution Tech. Resolution Games intends to grow this figure, continuing to draw on the incredible well of technical talent in the East Sweden region.
The Zero Index team has a number of impressive accomplishments under their belt, including their exemplary work that helped us bring Carly and the Reaperman to Oculus Quest earlier this year, said Tommy Palm, CEO and founder of Resolution Games. Demand for great VR and AR experiences is growing at an exponential rate. With more hardware choices than ever in the pipeline from techs biggest players, having a team experienced in bringing games to different markets and platforms will help us continue to reach new players everywhere they choose to play.
Tomas Ahlström, CEO of Zero Index who will stay on as studio manager with Resolution Games, said: Resolution Games has been an integral partner of Zero Index, so bringing our teams together in order to expand on the work Resolution Games is doing in the industry is an exciting step for both teams. Were thrilled to be a part of the future vision and hope to have an even greater impact for the space now that were integrated.
In addition to the acquisition, Resolution Games has also announced four recent hires that will help the company continue to up its game as a market leader.
- Natalie Mellin is Resolution Gamess new Head of People & Culture and brings to the role an extensive background in diversity, inclusion and people experience. Natalie has played a central role in creating innovative people practices that foster a culture of inclusion and creative empowerment over the last decade, working alongside companies that have experienced significant market growth including Spotify, King, General Electric and Ericsson to provide safe and welcoming workplaces.
- Ebba Waltré has joined Resolution Games as General Counsel to lead the companys legal strategy around future growth, tasks and operations. Ebba comes with wide-ranging legal experience from an international environment within IT and digitalization, where she worked as both a lawyer and manager at private and publicly traded companies like Nasdaq, HP, Verizon, DXC and UnitedLex.
- Johan Gästrin has joined Resolution Games as Product Manager to head up the companys Shared Technology (Fidelity) and Game Production IT. Johan has more than 15 years experience growing global software products and scaling technology platforms for organizations including H&M and King Digital, where he was responsible for growing and maturing Kings internal game engine to deliver engaging experiences for billions of players around the globe.
- Rickard Åstrand has been appointed as Resolution Games Finance Director to build the studios internal financial infrastructure and processes as growth continues. Before joining the studio, Rickard worked with Health and Sports Nutrition Group HSNG AB (HSNG) as CFO and Business Development Director and was also a risk management consultant at PwC.
At Resolution Games, we are craftspeople who live and breathe games and love what we do, added Palm. Weve been very fortunate to bring such incredible talent into the company, all while striving for everyone to be genuinely happy to work at Resolution Games and feel that our output is a direct reflection of the success of this goal. With the continued enthusiasm were seeing from players, theres been no shortage of opportunity to continue our teams growth, and we are looking forward to doing that in a way that continues along the path toward this goal.
Todays news follows quickly on the heels of the companys recent win in the AIXRs VR Awards where Demeo, the cooperative dungeon crawler that recreates the social experience of tabletop gameplay, received the award for 2021 VR Game of the Year.
Resolution Games next title, Ultimechs, will arrive on major VR platforms in 2022. The company also revealed this month its plans to form a dedicated AR Studio to explore new gaming experiences for smartphones and augmented reality wearables.
Potential candidates who are passionate about VR and AR games and interested in redefining how people come together and play can learn more about current job openings by visiting jobs.resolutiongames.com.
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About Resolution Games:
As the worlds most prominent VR/AR games studio, Resolution Games is redefining how people come together and play. The studio is evolving the craft of multiplayer game development and publishing with its approach to delivering new IP across VR/AR platforms and beyond. With the largest portfolio of games across all major VR and AR platforms, no other studio has the reach, ratings and range that Resolution Games does.
The studios titles rank among the top rated and most downloaded games in the space. Games like Demeo, Blaston, Bait!, Acron: Attack of the Squirrels!, Cook-Out: A Sandwich Tale and Ultimechs illustrate the innovative and immersive ways the studio is constantly pushing the boundaries of what is possible.
Founded in 2015, Resolution Games is privately held and based in Stockholm, Sweden. Follow the company at www.resolutiongames.com and on Twitter and Instagram.
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