Essar commissions Vizag iron ore handling complex

Essar Group today said it has commissioned the country's largest iron ore handling complex at Vizag port which was built at a cost of Rs 830 crore.

Road Transport and Shipping Minister Nitin Gadkari inaugurated the facility, the company said in a statement.

"The Vizag iron ore handling complex is a facility that is truly a national asset. We are committed to realising the government's vision of port-led development," said Prashant Ruia, Director-Essar.

With its modern cargo handling equipment, the iron ore handling complex will have the fastest vessel turnaround time for iron ore among Indian ports, the company said. Following the project completion, the cargo loading capacity of the facility has been upgraded to 24 million tonnes per annum.

The iron ore handling complex can now berth Super Capesize vessels up to 200,000 DWT, with a depth of 20 metres, on the outer harbour of Vizag Port.

Vizag Terminal Ltd (EVTL) took over the project in 2015 on a Design-Build-Finance-Operate-Transfer (DBFOT) basis for a period of 30 years.

The iron ore handling complex is an all-weather, deep draft facility that is equipped to serve the rapidly growing markets of South-East Asia, including China, Japan, and Korea. It has dedicated rail connectivity for cargo evacuation from the states of Chhattisgarh, Odisha and Jharkhand.

Rajiv Agarwal, Managing Director, Essar Ports Ltd, said: "The project will help exporters on the east coast benefit from shorter turnaround times and reduced freight costs. The facility will support both export and coastal traffic, furthering the vision of the Sagarmala initiative. We thank the Vizag Port authorities for supporting us in completing this expansion project.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel