India: ICTSI, LTSB Ink Port Deal in Tamil Nadu
International Container Terminal Services, Inc. (ICTSI) and L&T Shipbuilding Ltd. (LTSB) have signed a container port operation agreement for the management and operations of the Kattupalli Container Terminal in Tamil Nadu, India.
Contracting parties were L&T Shipbuilding Limited (LTSB), a joint venture between Larsen & Toubro Limited (L&T) and Tamil Nadu Industrial Development Corporation (TIDCO) and ICTSI subsidiaries ICTSI Ltd. and ICTS (India) Pte. Ltd.,
Kattupalli terminal is ICTSI’s first venture in India, the fourth largest economy in terms of purchasing power parity. The terminal is located near Chennai in Thiruvallur District. LTSB is the developer of an integrated shipyard cum port with a 1.2 million TEUs annual capacity container terminal in Kattupalli. It entered into a management contract with ICTSI for the operation of the container terminal under construction, which is scheduled to commence operation in January 2012.
The terminal has two 350m long berths and a total terminal area of around 20 hectares in Phase 1. During the second phase of development, terminal capacity can be increased to handle 1.8 million TEUs.
L&T is a USD9.8 billion technology, engineering and construction and manufacturing company with global operations. It is one of the largest and most respected companies in India’s private sector. Seven decades of a strong customer-focused approach and the constant quest for top-class technology and quality have enabled L&T to attain and sustain leadership position in its major lines of business.
ICTSI, headquartered in Manila, Philippines, is a leading port management company involved in the operations and development of 23 marine terminals and port projects in 17 countries worldwide. The company was among the first international terminal operators to take its expertise overseas. ICTSI has received global acclaim for its public-private partnerships with economies divesting of its port assets to the private sector.
Source: ictsi, April 6, 2011;