Idbi Sanctions Rs 8 Crore For Ifb Agro Storage Unit
Industrial Development Bank of India (IDBI) has sanctioned around Rs 8 crore for IFB Agros proposed 40,000-kl storage tank terminal at Haldia.
The Rs 10-crore project, to be set up on 10,000 square metres of land, involves work in two stages. The first phase, involving the setting up of three 7,000-kl tanks, is expected to be completed in March. In the second phase, seven tanks of assorted sizes will be set up.
Sources said IFB Agro is talking with Mitsubishi Chemical Corp for about 2,500 kl storage capacity at the companys new storage tank terminal. It is also negotiating with Philips Carbon Black for leasing another 7,000 kl storage facility.
IFB plans to keep aside nearly 25 per cent of the storage capacity for captive consumption and lease out the rest to various companies on a monthly rent or on a long-term lease contract of three years. The rentals have been fixed at Rs 80 per tonne.
Sources said that on a comparative scale the proposed rentals appear conservative, especially when compared with storage facilities at Mumbai or Chennai where rents are fixed at around Rs 250 per tonne.
The average rent at the storage terminal in Budge Budge is around Rs 150 per tonne.
However, the rates will depend on the location and the type of storage associated. Short-term rates may be fixed at higher levels, a source said.
With a dearth of storage facilities at Calcutta Port Trust, the current finger jetty, as it is called, will cater to loading of non-hazardous material, primarily bulk liquid and molasses.
According to the sources, with the completion of the petrochemicals project at Haldia, opportunities for storage facilities will pick up in a big way. This will cater to liquid raw material, primarily petrol derivatives, carbon black feedstock, linear alkyl benzene used to make detergents, acetic acid and edible oils.
Besides, IFB Agro is in parleys with Holland-based DSM for a plasticiser unit in Haldia. The company will purchase tollune from DSM and convert it into benzaic de-hyde at the plasticiser. The deal has not been finalised as yet, the sources said.