Published On:November 4 2014
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Adani Ports lays foundation stone for Rs. 1,270-cr project.
The Union Shipping Minister Nitin Gadkari recently laid foundation foundation stone for the Rs. 1,270 crore container terminal at Kamaraj Port (Ennore), which will be developed by Adani Ports and SEZ Ltd., through its newly floated company.
The company has entered into a 37% revenue sharing agreement with the Port management for this project and this is considered to be one of the highest in the industry in the recent times.
Kamaraj Port's Chairman and Managing Director M A Baskarachar said that while ADANI Ennore Container Terminal Pvt. Ltd., company floated by Adani Ports and SEZ Ltd., will invest Rs. 1,270 crore to construct berths and equipments, the Port will invest around Rs. 300 crore in dredging and to create rail and road networks.
He added, that the terminal which will come in 36.5 hectares of land will have two berths and first one will be ready in 27 months, while the second berth will be ready in two years. When the terminal goes on full stream, it can handle 1.4 million TEUs (twenty equivallent unit) every year.