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| GVK Infra to rope in YTL for port city at Okhamadhi |
| Maulik Pathak / Mumbai/ Ahmedabad Feb 11, 2009, 00:46 IST |
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To invest over Rs 4k crore for the project .
Having hit a roadblock at Dahej, GVK group, a diversified business conglomerate with a predominant focus on Infrastructure and urban infrastructure projects, has now firmed up its plans to foray into port sector by setting up a maritime city at Okhamadhi port in Gujarat. The group has also initiated talks with Malaysia based YTL Corporation for the project.
While the stake-holding pattern is still being worked out, the majority will remain with GVK, said a source familiar with the development.
The company has proposed investment to the tune of Rs 4,000 crore to the Gujarat government however the investment could go higher depending on the size of the project.
“It is an all-weather lagoon port at Okhamadhi which we are planning to develop in next few years. The port would harbor a cargo as well as container terminal. It is strategically located, having a good draft and will give us easy access for export to gulf countries,” Issac George, CFO of GVK, told Business Standard. Located on the coast of Arabian Sea, the port is also ideal for exporting to African and European countries and GVK is exploring to get SEZ status at a later stage.
YTL Corportion Berhad is one of the largest companies of YTL group that is listed on Bursa Malaysia and together with its five listed subsidiaries it has a combined market capitalisation of USD 9 billion.
Taking a cue from ancient times where port led development prompted civilizations like Lothal to be set up near ports GVK is aiming to develop a world class city at Okhamadhi. “We have got all the necessary clearances from the state government and we have been allotted land. GVK will set up a maritime city at the port,” he added.
According to George, the port will be developed in lines of Port of Rotterdam, which is the second largest terminal port in the world.
It may be noted that Port of Rotterdam has shown interest for developing Positra port near Dwarka for an estimated investment of Rs 5,000 crore.
GVK had earlier pinned its hopes on developing a maritime city at Dahej Port wherein it has emerged as the highest bidder, sources said. However, the Sandesara group which is setting up Sterling SEZ near Vadodara had signed MoU with the Gujarat government earlier in 2007 for developing the SEZ and Dahej port, said sources in state government.
“Sandesara group has been given LOI for developing the Dahej port by Gujarat Maritime Board. The group has formed joint venture with Virginia Port to develop Dahej port,” sources added.
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