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VPT, VCTPL Ink Pact for Terminal Extension

VPT, VCTPL Ink Pact for Terminal Extension
The Visakhapatnam Port Trust (VPT) has signed a concession agreement with Visakhapatnam Container Terminal Private Limited (VCTPL) for extension of the existing container terminal at VPT on design, build, finance, operate and transfer (DBFOT) basis.

The Visakhapatnam Port Trust (VPT) has signed a concession agreement with Visakhapatnam Container Terminal Private Limited (VCTPL) for extension of the existing container terminal at VPT on design, build, finance, operate and transfer (DBFOT) basis.

The cost of the project is `633.11 crore for concession period of 30 years and its capacity is 0.54 million TEUs. It is expected to be completed in two years, after which the VCTPL will be able to handle 1 million TEUs, which is equal to around 12 million tonnes of cargo per annum.

VPT chairman MT Krishna Babu informed that the Shipping secretary, during a recent meeting held in New Delhi, announced to develop the Vizag port into a container hub on the East Coast, on the lines of Singapore Port. Meanwhile, a new concept document on development of Vizag cluster on the East Coast as a pilot project under ‘Sagar Mala’ programme was submitted to the government. “Once the project gets approved, the connectivity to Vizag Port would be improved with the support of Government of India. The project would facilitate increase in container traffic and VPT could serve large hinterland in Central India up to New Delhi,” he explained.

VPT secretary O Naresh Kumar, chief engineer Ramachandra Murthy and VCTPL managing director Dhruv Kotat were present.

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