Adani group controlled Mundra Port and Special Economic Zone Ltd, (MPSEZ), will develop its port into a transhipment hub.
Bharati Shipyard had acquired Great Offshore in 2009 and Chetan Mehra was widely seen as instrumental in the acquisition.
The central government will commission four hub ports on the west and east coast of the country as part of the national maritime agenda.
Great Offshore Salvage Services will auction tanker vessel MT Pavit as the ship's Dubai-based owners have refused to pay the salvage cost.
JNPT, which handles over 60% of the country's container cargo, had net profit of Rs 800 crore in financial year 2010-11.
The Finance Ministry has rejected an ambitious plan by country's largest container port Jawaharlal Nehru Port Trust (JNPT) to raise Rs 1,600 crore.
Lack of development and poor facilities at ports have so far kept passengers and operators away from the sector
Institutional investors Housing Urban Development Corporation and LIC could invest Rs 810 crore in the 5,000-crore project .
The defence ministry has absolved state-owned Mazagon Dock of any wrongdoing in selecting Pipavav as its partner for a joint venture.
The shipping ministry has asked the defence ministry to hasten security clearance of 11 port projects
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