State-owned Visakhapatnam Port Authority has terminated a contract awarded to AVR Infra Pvt Ltd (AIPL), a unit of Chennai-based IMC Ltd, a few years into the 30-year concession for developing and operating the Eastern Quay Beth-10 (EQ-10) at the Southern port for defaulting on the minimum guaranteed throughput (MGT) obligations, a top official has said.IMC Ltd is India’s top independent bulk liquid storage company. The concession agreement for the 1.84 million tonnes (mt) capacity EQ-10 berth located in the northern arm of the inner harbour of Visakhapatnam port was signed on 16 August 2010 for handling liquid cargo (Class B & C chemicals including caustic soda, phosphoric acid, edible oil, biofuel, etc). AVR Infra quoted the highest revenue share of 19.08% to the port authority to emerge the successful bidder for the project in a tender. The terminal started commercial operations in January 2017. According to the contract terms, AVR Infra was mandated to handle some 4 lakh tons as minimum guaranteed throughput a year. However, AVR Infra failed to comply with the MGT obligations for any of the six
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