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Four minor port developers invest Rs 4,262 cr

Jayajit Dash  |  Kolkata/ Bhubaneswar 

Orissa has witnessed grounding of investment of Rs 4,262.44 crore from non-major ports in the past 10 years.

The investments have made four minor port developers- Ltd (DPCL), Ltd (GPL), Creative Port Development Ltd and Navayug Engineering Ltd from 2002-03 up to the end of September this year.

“Minor port developers have invested over Rs 4,000 crore on their projects in the state. We have already submitted the year-wise investment data to the Government of India,” said an official of state commerce & transport department.

DPCL, a 50:50 joint venture between and L&T, is the biggest investor, with its investment till the second quarter of 2011-12 standing at Rs 3,570.35 crore.

The port developer, who has already begun operations, has invested Rs 762.79 crore, Rs 1,088.26 crore and Rs 1,059.40 crore in 2008-09, 2009-10 and 2010-11 respectively. In 2011-12, DPCL has invested Rs 60.45 crore till the end of September.

Ltd (GPL), a special purpose vehicle promoted jointly by Orissa Stevedores Ltd and Sara International Limited (SIL) has invested Rs 421.09 crore during 2007-08 to September-end of 2011-12. The port developer which is developing the seasonal port at Gopalpur into an all-weather port, has invested Rs 51.09 crore in 2007-08, Rs 30 crore in 2008-09, Rs 50 crore in 2009-10, Rs 40 crore in 2010-11 and Rs 250 crore in this fiscal (till September-end).

The state government has asked the port promoters to commission second phase of the port operations by March 2013.

GPL has already claimed to have achieved financial closure of Rs 1,400 crore for the first stage of Phase-II of the deep sea port with the signing of loan agreement with a consortium of 11 banks.

The port at Subarnarekha river mouth, proposed by Chennai-based Creative Port Development, has seen investment of Rs 221 crore.

Creative Port Development had inked an MoU (Memorandum of Understanding) with the state government on December 18, 2006 for setting up a port with an initial capacity of 10 million tonnes per annum (mtpa) which was to be scaled up to 40 mtpa in 10 years.

The port developer had also entered into a concession agreement with the state government on January 11, 2008. As per this agreement, the port developer would share revenue with the state government at the rate of five per cent from first to fifth year, eight per cent from sixth to 10th year, 10 per cent from 11th to 15th year and 12 per cent for the remaining 15 years.

The port at Astaranga in Puri district has witnessed an investment of Rs 50 crore over the past four years.

The port project is being taken up at a cost of Rs 6,500 crore. The initial capacity of the port will be 25 mtpa which will be eventually scaled up to 70 mtpa. The state government had entered into an MoU with Hyderabad-based Navyug Engineering Ltd on December 22, 2008.

The project proponent had signed a concession agreement with the state government in November 2010.

First Published: Tue, November 22 2011. 00:12 IST
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