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| Essar Ports to double capacity in 2 years |
| Ruchika Chitravanshi / New Delhi Aug 15, 2011, 00:15 IST |
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Essar Ports is planning to venture abroad and is looking for opportunities to develop ports in emerging markets.
“We are evaluating projects in places that are mineral-rich. It will enable us to handle bulk cargo for captive and third-party use. There will be some inorganic growth as well,” said Rajiv Agarwal, chief operating officer.
The company is also looking at opportunities to develop a non-major port project in India either through acquisition or a new project. “We are bullish on the Indian port business,” he said.
Among Indian port companies which have ventured abroad is the Adani group’s Mundra Port and Special Economic Zone Ltd, which recently announced acquisition of Abbot Point Port in Australia for Rs 9,000 crore.
Essar plans to almost double its port capacity to 160 million tonnes by 2013 from 88 mt now. It had planned overall investment of Rs 9,000 crore, of which Rs 6,300 crore is invested.
The company plans to set up a general cargo terminal at Paradip by this December and another coal terminal by December 2013. Both are awaiting forest clearance.
The company is setting up a dry bulk terminal at Salaya (Jamnagar, Gujarat), with a capacity of 20 mtpa. Commissioning is expected in the second half of 2013-14.
In its first results after the demerger of Essar Shipping Port and Logistics into Essar Ports Ltd and Essar Shipping, the company reported a net profit of Rs 39.6 crore compared to Rs 3.5 crore in the first quarter.
Essar Shipping is expected to re-list itself on both the Bombay Stock Exchange and the National Stock Exchange, subject to approval from the Securities and Exchange Board of India.
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