Published On:January 9 2018
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Essar Ports completes Rs 28-bn investment in Vizag and Salaya terminals.
Ruias-controlled Essar Ports recentlysaid it has completed a Rs. 28-billion planned investment in its Vizag and Salaya terminals in Andhra Pradesh and Gujarat, respectively. The company will now look at further investments to take its capacity further to 150 million tonnes per annum in the next two years.
“Looking at the opportunities in the sector, it cannot be that we will not look at more investment opportunities. We have plans to expand at Hazira, we have plans to expand at Salaya and are looking at a coal terminal project in Mozambique, and in all looking at an investment of $500 million in the coming years in these projects,” said Rajiv Agarwal, chief executive officer, Essar Ports. He added the investment could be higher than $500 million.
“Essar Ports Limited said that its investment of over Rs. 28 billion in its Salaya and Vizag terminal projects has the potential to increase the company’s revenues by 30 per cent in FY19 on the back of third-party cargo growth,” the company said in its press statement.
With the current investments made, the company expects its operational capacity would stand at 110 mtpa in CY18. In addition, the company would look at further opportunities to expand.