Container Corporation of India (Concor) said that its plans to spend around Rs 600 crore as capital expenditure in 2022-23 were hit due to geopolitical scenarios such as India's relationship with China.
"We were unable to source rolling stock, containers, and rakes due to ban on imports from China, which has limited our capital expenditure in 2022-23," V Kalyana Rama, chairman and managing director of Concor said in a post-earnings conference call on January 24.
He added that till now Concor has spent Rs 220 crore as capex in 2022-23. Rama added that capital expenditure in 2023-24 is likely to be higher than in 2022-23 as the company will start procuring rolling stock, containers, and rakes next year.
Rama added that Concor is not looking to move its 26 terminals to the new licensing policy approved by the government in September 2022.