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RVNL, Gopalpur Port plans SPV for freight corridor

Wednesday, 24 Jan 2007
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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.

Also See:

Gopalpur Port to float IPO (15-Jan-07)

Related Links:
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Gopalpur Port Co. Ltd.
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