Essar Ports to Invest $1.85 Billion to Expand Capacity

Essar Ports has announced an investment of US$ 1.85 billion over the next 10 years to expand capacity by up to 150 million tonne per annum (MTPA) at two of its ports in Gujarat. “We have signed an agreement at the recently concluded Vibrant Gujarat summit with the government to expand capacities at the Hazira and Salaya ports,” said Mr Rajiv Agarwal, Managing Director Essar Ports.

- livemint

– livemint

The company is confident of taking its total capacity to its targeted 158 MTPA capacity by 2015. For the same, it also inaugurated a 16 MT terminal at Orissa’s Paradip in December 2012 which took its total capacity to 104 MT. The company plans to have a total cargo handling of 55 MT by the end of the current fiscal as against 40 MT in the previous fiscal. Close to 80 per cent of the expansion drive that was done to take it to 158 MT capacity is now complete and the company plans to invest around US$ 277.67 million for the remaining 20 per cent.

-IBEF

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