Bhubaneswar, Jan. 20: The state government has sought a detailed report from the Dhamra Port Company Limited (DPCL) regarding the alleged move by its shareholders to offload their stakes in the company.

Reports suggest that Larsen & Toubro and Tata Steel, the 50-50 stakeholders in the joint venture company, are likely to sell part of the shares to the Ahmedabad-based Adani Group. While L&T is said to be keen on selling all its shares to Adani, Tata Steel may also reduce its stake, sources said.

“This is a decision taken at the promoters’ level. I can’t comment on this,” said DPCL chief executive officer Santosh Kumar Mohapatra said.

Additional secretary of the state’s commerce and transport department Digbijay Padhi said: “There are talks about DPCL stakeholders offloading their shares. But we have not received any communication from the company. We want to know from them whether they have any plans to sell their shares to any group.”

Sources said that agreements for non-major ports entail original promoters to retain at least 51 per cent shares till the port begins operation. In case of DPCL, the combined share of the promoters stood at 100 per cent when the port commenced operations.

The port has been built on a build, own, operate, share and transfer basis. The concession period is for 34 years including a moratorium period of four years for construction.

“We hope there will be no problem in selling the shares to any company by the shareholders. But these are internal matters,” said a DPCL official, who did not wish to be named.

Uncertainty has been looming large over Dhamra port following a slowdown in the mining sector. Ever since, there has been talk of the stakeholders wanting to offload their shares. “They must be consulting legal experts. Since the state government has given them a number of facilities, particularly land, and helped them develop infrastructure, it would be tough on their part to exit,” said an official.

The state government sought to downplay speculations over Dhamara port saying that it had not received any proposals from either the DPCL board or Tata and L&T in this regard.

The state’s director of ports Subrat Rout said: “We have not officially received any proposal from them. If they submit any plan, we will certainly examine the legal options.” Sources said the Tatas were now concentrating on the Kalinga Nagar steel plant. “For their requirement, one berth in the port is enough,” said a senior official. Sources said that DPCL was trying to seek a postponement of its meeting with the state government scheduled on January 29.

Inaugurated on December 18, 2011, by chief minister Naveen Patnaik, the Dhamara port, a joint venture of Tata Steel and Larsen & Toubro Limited (L&T), was supposed to herald a big change in the state’s economy by catering to the vast mineral belt of Odisha, Chhattisgarh, Jharkhand and Bengal.