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| Eredene Capital bags Rs 1,436 cr port project |
| BS Reporter / Chennai Jun 29, 2010, 00:10 IST |
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UK-based Eredene Capital PLC, has won a bid in a consortium to build and operate the container terminal at Ennore Port. The estimated cost of the project is £207 million (around Rs 1,436 crore).
Eredene bid for the project in a consortium headed by Spain’s leading port operator, Barcelona-based Grup Marítim TCB SL, together with international construction group Obrascón Huarte Lain SA, and Lanco Infratech Ltd.
The consortium was given a Letter of Award in relation to the project on June 26, 2010 by Ennore Port Ltd. The port had shortlisted six contenders for the project.
Eredene has 22 per cent stake in the consortium. Eredene’s equity commitment to this project is up to approximately £23 million, spread over a 48 month period.
“This commitment will initially be funded through existing cash reserves and then through the raising of additional capital into Eredene”.
Grup Marítim TCB SL currently operates 13 terminals in six countries with a total installed capacity of 4.5 million TEUs (20-foot equivalent units).
“Work on the new Ennore Container Terminal is scheduled to take 33 months and it is expected to be operational by the end of 2013”.
The concession will be awarded on a build, operate and transfer (BOT) basis for a period of 30 years. The terminal will have a quay length of 1,000 metres and an estimated throughput of 1.5 million TEUs annually. The terminal will provide 15-metre water depth at the berths and will be able to handle three container vessels of up to 8,000 TEUs simultaneously.
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