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Lanco Infratech wins Vizhinjam project
May 15,2008: Lanco Infratech Ltd, Hyderabad-based consortium has won the bid for development of the $2-billion (Rs.8,000 crore) Vizhinjam International Container Port project in Kerala. Lanco has tied up with Pembinan Radzai Sdn. Bhd (PRSB), Malaysia. The Kerala government had called for bids in August 2007 through Vizhinjam International Seaport Limited on a 33-year concession basis.
The project would be developed in four phases with an ultimate capacity of 6.5 million TEUs (twenty foot equivalent units).
The first phase would be completed in 60 months and the remaining three phases would be initiated after reaching the stipulated traffic levels. The company will raise 70 per cent of the required funds through debt and the remaining through equity.
The Vizhinjam port, when developed would attract a fair share of the container trans-shipment traffic meant for India, currently handled by international ports at Colombo, Malaysia, Al-Salalah (Oman) and Singapore.
Source: Business Standard