India: Shipping Ministry, Ennore Port Sign MoU

A Memorandum of Understanding (MoU) setting out the performance targets for 2012-13 for Ennore Port was signed between the Ministry of Shipping and Ennore Port Limited (EPL) in New Delhi today. Shri K.Mohandas, Secretary, Ministry of Shipping and Shri S. Velumani, Chairman and Managing Director, EPL signed the MoU.

Ennore Port Limited, a Mini-Ratna Category-I PSU has the distinction of being the only corporate port under Ministry of Shipping. Functioning on a Landlord Model, the Port has developed bulk handling terminals like Coal, Iron Ore and Liquid cargo on BOT basis through PPP. The Port has been emerging as a major centre for export of Automobiles.

MoU for 2012-13 has enhanced physical and financial targets for the company. The cargo throughput target has been set at 16 Million Tonnes and gross sales have been put at Rs.210 crores for Excellent Grade. Department of Public Enterprises, Government of India has issued guidelines with respect to Corporate Social Responsibility, Sustainable Development, Research & Development and Human Resource Management. Ennore Port has incorporated all these guidelines in its MoU parameters. The MoU targets of the Company were finalized by Ennore Port on 16th February 2012 after discussion with High Level Task Force of DPE consisting of eminent persons. The MoU Task Force assessed the current year performance of the Company for fixing performance targets in respect of various financial and physical parameters.

Having a paid up equity of Rs.300 Crores, against the authorized capital of Rs.500 Crores, Ennore Port has been consistently a profit making company and has paid a dividend of Rs.7.41 crores to the Government of India and Rs.3.71 crores to Chennai Port Trust, who are its shareholders, for the year 2010-11.

EPL has been signing MoU with the Government since 2006-07. Performance of the Company vis-a-vis MoU target has been graded ‘Excellent’ by the Government of India since 2007-08 continuously. EPL has also won the Prime Minister’s Excellence Certificate for excellence in the achievement of MoU targets for the years 2007-08, 2008-09 and 2009-10.

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Dredging Today Staff, February 28, 2012

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