India's largest container transshipment port project would be developed in four phases with an ultimate capacity of 6.5 million TEUs (twenty foot equivalent units).

The first phase would be completed in 60 months and the remaining three phases would be initiated after reaching the stipulated traffic levels, according to Sanjay Joshi, director (infrastructure), Lanco Infratech Limited.

The company will raise 70 per cent of the required funds through debt and the remaining through equity. The financial closure would be two years down the line. "This is the first major port for Lanco Infratech,'' he said, adding it was currently building a captive coal terminal for its power project at Mangalore.

The Vizhinjam port, situated about 16 km south off Thiruvananthapuram and at 10 nautical miles from international sea routes connecting Europe, Persian Gulf and Far East, when developed would attract a fair share of the container transshipment traffic meant for India, currently handled by international ports at Colombo, Malaysia, Al-Salalah (Oman) and Singapore, he said.

The Kerala government had called for bids in August 2007 through Vizhinjam International Seaport Limited on a 33-year concession basis.

NCC-Maytas, Videocon-Gammon-Sical, Apollo Enterprise-DS Construction, and Zoom Developers-Portia Management Services were the other contenders for the project, according to a release.