Right from the start of the Baillon Collection auction, the values were going berserk: the very first car on sale, for instance, a most ordinary and rather tired Singer Roadster, estimated at between €200 and €800 (?56,000) went for €10,790 (?7.6 lakh). The prices went spiralling, clearly there was a frenzy of buying that was not making any sense at all. Caught up in that frenzy was an Indian collector, Madan Mohan from Delhi, a transporter and a restaurant owner in Gur- gaon – who is new to the world of classic cars – went ahead and bought nine of the 59 cars, at €343,296, a price that is almost ridiculously high, especially for cars that need a huge amount of work to be restored, and are not all that special either.
As many as 59 ancient cars were sold for €25.15 million (?l 77.4 crore) at the recently-concluded Retromobile classic car show in Paris! And the 2015 edition of Retromobile will be remembered through the sale of the Baillon Collection by Artcurial, despite
the fact that the 40th edition of a show had many other absolutely wondrous and rare automobiles on either special display or on sale. Of course, the Baillon sale was significantly boosted by the price that the Ferrari 250 GT California, a car that used to belong to the famous French actor Alain Delon, sold for a record €16.3 million (?115 crore).
Two other cars crossed the million euro mark: a Maserati A6G, which went for €2.01 million (?14.2 crore) and a Talbot-Lago T26 Grand Sport (€1.7 million or ?12 crore). The prices for the rarer and fancier machines were not all that surprising, but a rather battered Delahaye Type 43, went for €65,600 instead of a sensible estimate of €6,-8,000 – with most cars selling for five to 10 times their estimate.
Several of the cars came apart when they were transported from the Baillon barn to Paris – how many of those nine will make it to India in a complete state remains to be seen.
♦ GAUTAM SEN gauta m. se [email protected] ia. ir
At Paradip, the company had also plannee a coal terminal (capacity: 18 mtpa). As a parIn December 2012, Essar Ports had commissioned a 16 million tonnes per annum (mtpa) capacity unit to handle iron ore and pellets at Paradip, which was to be connected to the stockyard by a 9 km long covered conveyor system. The company had a
10-year licence agreement with the Paradip Port Trust, for export of iron ore and pellets Today, the Hazira terminal (dry bulk anc break bulk cargo) has a capacity of 30 mtpa while Vadinar (liquid terminal) has a capac ity of 58 mtpa. Add to this the Paradip capac ity of 16 mtpa, the total comes to 104 mtpa.
- of an agreement with the Paradip Port Trust, the company was given the right to build and operate for 30 years. The project got delayed because many petitions were filed by port users occupying the land, which were all dismissed by the Supreme Court subsequently. Paradip Port Trust has now started clearing the land to be handed over to the company. Essar Ports will commence construction once the land is handed over.Essar Ports had planned a terminal with 20 mtpa capacity at Salaya, west of Jamnagar, to handle dry bulk cargo. The project was held up because it had not received approval from the ministry of environment. In its third quarter results, the company said it has obtained the ‘final forest clearance’ and that the ‘bund’ construction is now in full swing. The company expects the project to go on stream by October this year.The Hazira expansion, which was also held up for want of clearance from the environment ministry, has received clearance too. The company intends to add another 20 mtpa taking it to 50 mtpa.In 2013, Essar Ports had won the bid for the development of three iron ore berths at Visakhapatnam Port for 30 years. These three berths are expected to have a combined capacity of 23 mtpa. Labour unions filed petition against the ministry for shipping and Visakhapatnam Port Trust and, the Andhra Pradesh High Court, while allowing the tendering process to continue, said the process will depend on further orders by the court.
Later, it dismissed the court cases by labour unions against the two-phase modernisation and construction of iron ore berths in Visakhapatnam by Essar Ports. Subsequently, Essar Ports signed a ‘concession agreement’ with Visakhapatnam Port Trust in December 2013. As per the third quarter results, Essar Ports had reached financial closure on this project. In the fourth quarter of 2014-15, the company will take it over as an operating berth. Essar Ports intends to take its present capacity to 194 mtpa over the next few years.
In October 2014, Essar Ports decided to de- list. By October, the company set the de-listing price at T90.50 and got the shareholders’ nod for de-listing through postal ballot. ♦