OPEN APP
Home / Companies / Essar Ports completes Rs2,800 crore investment in Salaya, Vizag

New Delhi: Essar Ports Ltd on Monday said its more than Rs2,800 crore investment in Salaya and Vizag terminal projects has the potential to increase its revenues by 30% in 2018-19 on the back of third-party cargo growth.

The company said it has completed Rs2,800 crore investment in terminal projects at Salaya in Gujarat and Vizag in Andhra Pradesh and its capacity is likely to go up to 90 million tonne per annum (MTPA) by month-end from the current 82 MTPA.

“The two fully integrated and automated facilities at Salaya and Vizag further the goal of port-led development set by the Government of India and Prime Minister Narendra Modi. It is also a manifestation of Essar’s vision of building world-class core sector assets of national importance," the company said.

Essar Bulk Terminal Salaya Ltd (EBTSL) recently commenced commercial operations at its 20 MT dry bulk terminal with the berthing of its first vessel. The facility, the first deep-draft terminal in the Saurashtra region, has been designed to berth Capesize vessels with a vessel turnaround time of less than two days, thus offering a competitive advantage to the local industry.

The Salaya terminal, which has been built at a cost of Rs2,000 crore, is expected to emerge as the most preferred deep draft port destination for shipment of dry bulk cargo in the Saurashtra region, it said, adding it is capable of berthing vessels of up to 100,000 tonnes DWT, while handling commodities like coal, bauxite, limestone and fertilisers.

The company said Essar Vizag Terminal Ltd (EVTL) is executing a Rs830-crore expansion project aimed at upgrading the iron ore handling capacity of the Vizag Terminal (Outer Harbour) from 12.5 MTPA to 24 MTPA. EVTL recently commissioned an 8,000 tonnes per hour (TPH ) Ship Loader, which has increased its cargo handling rate from 70,000 tonnes per day (TPD) currently to 120,000 TPD, and is expected to significantly increase revenues, the company said.

EVTL took over the Vizag Port expansion project in May 2015 on a design-build-finance-operate-transfer basis for a period of 30 years. Since then, the company has ramped up the iron ore loading capacity of the terminal from 25,000 TPD to 70,000 TPD, it said.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close

Recommended For You

×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout