Concor picks 15% stake in Dubai Port's Vallarpadam project
By Our Corporate Bureau | 23 Feb 2005
Kochi: The Container Corporation of India Ltd (Concor) has picked up a 15 per cent stake in India Gateway Terminal Private Ltd, a company floated by Dubai Ports International, to set up and operate the international container transhipment terminal.
A 600 metres of quay will be built which will have the capacity to handle one million TEU.
Around Rs580 crores will be invested in the first stage of commissioning the Vallarpadam Container Trans-shipment Terminal itself. This was stated by Sultan Ahmed Bin Sulayem, executive chairman of Dubai Ports International.
Six super post Panamax quay cranes for unloading containers directly from ships and an ondock railhead serviced by rail mounted gantry cranes will be set up. In future, with the aim of servicing 30 lakh containers, the length of the quay will be increased to 1.8km and 16 quay cranes will be bought. A consortium of banks led by the Infrastructure Development Fund Company will provide the funds.
With the final documentation in place, the current Rajiv Gandhi Terminal will be overseen by the Dubai Ports International. With four gantry cranes and two mobile cranes, the terminal work is set to commence in April. Cancor plays a major role in the container movement to various parts of the country said Cancor managing director A.K.Kohli.
Officials say that the move by the government to set up a major port at Vizhinjam will not be a competition for Vallarbadam. The company is also interested in being involved in the development and running of the Vizhinjam port, they clarified.