Indian Bank has taken over the 52.46 per cent equity stake owned by Marg Limited in Karaikal Port Private Limited (KPPL). KPPL is a special purpose vehicle (SPV) incorporated for the implementation and operation of Karaikal port. The majority stake was taken over by the bank due to a default in loan repayment by Marg Limited. However, the bank cannot sell the shares to a third party due to a court order. This transfer reduces the stake of Marg Limited in KPPL to 15.12 per cent from the earlier 67.58 per cent. A consortium led by Indian Bank, comprising 12 state-owned banks, extended funds to Marg Limited for the development of the port. The outstanding debt is about Rs 18 billion including the principal and interest.