India: Gangavaram Port Achieves Financial Closure for Expansion

The Gangavaram Port expansion, which will see the port’s capacity increasing from the current 15 million tonnes to 45 mt, envisages an addition of three multi-purpose berths and a coal handling terminal.

“We expect to wrap up the expansion project by 2013 or the first quarter of 2014,” Mr Pranav Choudhary, Chief Financial Officer of Gangavaram Port Ltd (GPL), told Business Line.

The dredging contract, involving a removal of about four million cubic meters of silt, including rocks and sand trap, was bagged by the State-owned Dredging Corporation of India and the Chennai-based Sical Logistics.

Spanish major Duro Felguera bagged the €62 million order for supply of key equipment for the new coal berth.

The company will supply two new grab ship un-loaders of 62 tonnes, install a 11-km conveyor belt system and set up a new coal yard.

“We have achieved the financial closure, with the debt component being about Rs 900 crore. It will be funded by a consortium of Indian banks,” Mr Choudhary said.

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Dredging Today Staff, May 31, 2012;