Visakhapatnam Port expands container terminal

//Visakhapatnam Port expands container terminal

Visakhapatnam Port expands container terminal

The Visakhapatnam Port Trust (VPT),  the major port of Andhra Pradesh, is ready to expand its container terminal. The project involves an investment of INR 633 crore (apprx. USD 90 mln) and is expected to commence by the year end or early 2019. The Visakhapatnam Port, which is located on India’s east coast in between Chennai and Kolkata, plays a vital role of one of the nation’s major ports. Visakha Container Terminal Pvt. Ltd. (VCTPL) was built as a BOT terminal in 2003. VCTPL is the operator for the project and is formed as a joint venture of United Liner Agency (a part of J.M. Baxi Group) and Dubai Ports International. Although the Visakhapatnam Port signed the concession agreement with the VCTPL on 17 December 2015, the grounding of the project took a long time due to the issues pertaining to road connectivity, as well as prolonged recession, among other factors. VCTPL has committed a 11.04% gross revenue share of VPT.

By |2018-11-27T15:00:53+00:00November 27th, 2018|News|Comments Off on Visakhapatnam Port expands container terminal