ASIA

ZIM abandons Indian consortium

18 years ago

Israeli shipping line Zim has pulled out of the group building the container terminal project at Ennore in India.

Its subsidiary Zim Ports had a 22% stake in the consortium, whose other members included NYK, Evergreen and Hyundai. Zim was to invest $65m out of a total package of $300m, but withdrew as part of a streamlining process following a drop in freight rates.