Essar Ports, through its wholly-owned subsidiary, Essar Vizag Terminals, has inked a concession agreement with Visakhapatnam Port Trust, for development and operations of three iron ore berths at Visakhapatnam Port.
The berths will be developed on BOT basis over a period of 30 years. Of the three berths, two are outer harbour berths, and one is an inner harbour berth. All three will have a cumulative capacity of 23 million tpa.
The project, estimated to cost Rs 1,200 crore will be completed over a period of three years.
Essar Ports will take over the two outer harbour berths soon and the operation and upgradation of the terminal will take place simultaneously.
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