Work for the ₹633-cr. project likely begin by the year-end’
The Visakhapatnam Port Trust (VPT), which has prepared the blueprint to become a world-class port, is all set to raise the green flag for the expansion of container terminal with an investment of ₹633 crore, one of its big-ticket projects.
With Visakha Container Terminal Private Limited, the BOT operator for the project, achieving the financial closure, the works are expected to commence by the year-end or early next year. After approval from the board, the Letter of Concession will be issued, the VPT officials say.
Though the VPT signed the concession agreement with the VCTPL, a joint venture of United Liner Agency (a part of J.M. Baxi Group) and Dubai Ports International, on December 17 in 2015, the grounding of the project took a long time owing to the issues pertaining to road connectivity, prolonged recession among other factors. The VCTPL has committed a gross revenue share of 11.04% to the VPT.
“The project is likely to take off very shortly and it is one of the prestigious projects undertaken by the port,” VPT Deputy Chairman P.L. Haranadh says.
The VCTPL was built in Vizag, at the centre of East Coast and close to Malacca Straits, as a BOT terminal in 2003.
Read more on The Hindu.
