DP World-United Liner JV may get Vizag port box terminal project.

Vizag port is speeding up the process for extension of the existing container terminal, as it sees demand for container berths surging in the coming months.

The port's board of trustees, which met recently, approved issuing Letter of Award to Visakha Container Terminal Pvt. Ltd. for execution of the project at an estimated cost of INR 633 crore. The letter is expected to be handed over the company soon.

The company, a joint venture between DP World and United Liners Agencies, had developed the existing box terminal about a decade ago. The terminal handled 2.47 lakh TEUs last fiscal.

It had submitted an offer for 11.44% of gross revenue share from the new project, which will be taken up on develop, build, fund, operate and transfer model. Its earlier offer of 10% revenue share was not agreed by the port, which sought a fresh offer.

Others in the race for the project included Adani, Simplex, Welspun and Leighton.

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