Tuticorin port inks concession agreement for development of north cargo berth-4
VO Chidambaranar port at Tuticorin has signed a concession agreement with Transstroy - OJSC Consortium, Hyderabad, for the development of north cargo berth - IV for handling thermal coal and copper concentrate, and for the construction of shallow draught berth for handling cement and related raw material. The agreement was signed by S Natarajan, Chairman, VOC Port Trust and Prasanna Kumar Palla, senior deputy vice-president, Transstroy - OJSC Consortium, The Times of India reports.
After the completion of the project, the capacity of the port will increase from 33.34 million tonnes to 85.73 million tonnes to cater to the bulk cargo requirements of the hinterland industries.
The VOC port has accepted a gross revenue share of 30 % offered by Transstroy - OJSC Consortium, for the development of north cargo berth - IV and 22 % for the construction of a shallow draught berth for handling cement and related raw material, according to a statement from VOC Port.
The estimated project cost for the development of north cargo berth-IV is Rs 355 crore and the estimated cost for the project construction of shallow draught berth for handling cement and related raw materials is Rs 84.08 crore and the capacity addition would be 9.15 million tonnes per annum and 2.67 million tonnes respectively, according to the statement.
The projects for which the concession agreements had been signed would be executed through public-private partnership (PPP) mode on DBFOT (design, build, finance, operate, transfer) basis, for a period of 30 years. The scheduled date of completion for both above projects is 24 months.
