Essar earmarks $ 500-mn for ports’ expansion

    Essar Ports Ltd
    In order to expand its operational ambit in the country’s port sector, Essar Ports Ltd, a unit of Essar Group, has decided to invest about $500 million over the next two years to strengthen its port business, Chief Executive Officer Rajiv Agarwal said that Essar Ports invested Rs.2,830 crore to set up the greenfield 20 million ton general cargo terminal at Salaya and the 16 mt mechanized iron ore facility at Visakhapatnam, helping the company raise cargo handling capacity to 90 mt. It may be recalled that the new expansion plans were announced shortly after opening of new facilities at Salaya in Gujarat and Visakhapatnam in Andhra Pradesh. The new investment will fund expansion of its Hazira facility by 20 mt, Vizag facility by 8 mt, build an 18 mt coal terminal at Paradip, a green field port in Mozambique as well as settting up a container terminal and liquid cargo berths for handling LNG and LPG at Salaya. The opening of Salaya and Visakhapatnam terminals has the potential to increase the company’s revenues by 30% in FY19 on the back of third-party cargo growth. Essar Ports invested Rs.830 crore to expand and upgrade the iron ore handling capacity at the outer harbor of Visakhapatnam Port Trust. The upgrading includes erecting an 8,000-TPH ship loader, which has increased its cargo handling rate from 70,000 to 120,000 TPD. The increased cargo handling will also translate into shorter turnaround times and competitive freight costs for exporters on the east coast, he added.
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