Essar Ports to invest Rs.1,200 cr in Vizag port
[Vishakhapatnam port handled 12.3 mt of iron ore in financial year 2013. Moreover, in the past couple of weeks we have seen an explosion in many of the
shipping related stocks in several of the world markets. The dry bulk index has shot higher and is up
over 100% in the past several months, and investors have been piling
into shipping stocks]
December 14, 2013: Essar Vizag Terminals, a wholly owned subsidiary of Essar ports, has entered into an agreement with the Visakhapatnam Port Trust for development and operation of three iron ore berths.
The company will invest Rs 1,200 crore in the project, to be developed on a build-own-operate basis over 30 years.,center>
The company will invest Rs 1,200 crore in the project, to be developed on a build-own-operate basis over 30 years.,center>
The three berths (two outer harbour berths and one inner) will have a combined capacity of 23 million tonnes a year (mtpa). The concession agreement was signed at a ceremony here in the presence of G K Vasan, the shipping minister. Essar Ports will take over the two outer berths soon to upgrade them. The Vishakhapatnam port handled 12.3 mt of iron ore in financial year 2013.
Rajiv Agarwal, managing director, Essar Ports, said: "We will develop the terminal to create one of the most competitive, modernised facilities. This project will significantly increase our third-party cargo-handling capacity and also boost our presence on the east coast."
