Rail Vikas Nigam and the Gopalpur Port
is planning to set up a special purpose vehicle to construct a freight corridor
to connect mineral-rich areas like Koraput and Rayagada in Orissa with the port.
The 79.15 km corridor between Gunupur
and Theruballi is estimated to cost Rs.400 crore. GPL are in the final stages of
talks with RVNL for the project and the SPV is likely to have other stakeholders
like Dubai Aluminium Co (Dubal).
GPL is also considering entering into
a comprehensive agreement with Dubal by March 2007 for the development of the
corridor and the port. Financial closure of the line was expected by June 2007.
Work on a 130 km long freight corridor
leading to the port was begun by RVNL in 2004, but due to insufficient traffic
and closure of the Gopalpur port, the corridor remained incomplete. GPL already
had 629 acres of land and another 1400 acres will be given to it by the Orissa
government by March 2007 to set up an SEZ in the port area. After that, the
consortium will apply for an SEZ status for the multi-product zone which will
mostly handle steel, agro and related products.
Port to float IPO (15-Jan-07)