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Gammon, MMTC to develop iron ore terminal at Paradip

Gammon, MMTC to develop iron ore terminal at Paradip
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First Published: Wed, Jul 01 2009. 01 28 PM IST
Updated: Wed, Jul 01 2009. 01 28 PM IST
New Delhi: A consortium including Gammon Infrastructure Projects Ltd and MMTC Ltd have signed a concession agreement with Paradip Port Trust in eastern India to develop an iron ore terminal.
The terminal will cost about Rs506 crore, and the consortium will give 36.8% of the revenue to the port during the 30-year concession period, the federal shipping ministry said in a statement on Wednesday.
Construction will be completed in three years from the award of the agreement, it said.
Gammon Infra has 31% stake in the project which will be able to handle 10 million tonnes of annual throughput, the construction company said in a statement to the National Stock Exchange.
Noble Group Ltd is the third consortium partner, it added.
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First Published: Wed, Jul 01 2009. 01 28 PM IST