New Delhi : Adani Ports has
agreed to acquire Dhamra Port in Odisha from Tata Steel and L&T
Infrastructure Development Projects (L&T IDPL) for about Rs 5,500
crore.
“The Dhamra port acqu
isition
now gives us an opportunity to replicate the development and phenomenal
growth of the Mundra port on the eastern coast of India and thereby
continue to execute on our pan-India strategy,” Gautam Adani, Chairman
of the Adani Group, said today in a statement. An equal joint venture
between L&T IDPL and Tata Steel, Dhamra Port Company Ltd (DPCL) was
commissioned in May 2011 with an 18-km approach channel and a dedicated
62.7 km rail link to Bhadrak. The port handled 14.3 million tonnes of
cargo in the previous financial year.
DPCL, the operator, had been awarded a
concession by the Odisha government to build and operate the port on
Dhamra river in Bhadrak district for 34 years, including four years for
construction.
The concession period may be extended by
two additional terms of 10 years each. The first phase construction, at
an investment of Rs 3,200 crore, started in March 2007. Following the
acquisition, the second phase of development will be initiated within 90
days and completion targeted in 30 months, Adani Ports said.
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