Essar Ports emerge as sole bidder for Chennai Mega Container Terminal Port project

Essar Ports is said to be the sole bidder for the proposed mega-container terminal project at Chennai port. It was learnt that another bidder, Adani Ports, had also shown interest in the Rs 3,683-crore project, but did not get a security clearance.

According to a port official, Essar Ports had offered a revenue share of 5.25 per cent, five per cent higher than Adani Port's bid. The official added the share was too low, and the port was considering asking Essar Ports to increase it.

Of the total project cost, Chennai Port Trust's share will be Rs 561 crore, while the private partner, which will build, own and transfer the project, will invest Rs 3,125 crore.

The proposed investment includes Rs 963 crore for breakwater, Rs 362 crore for dredging, Rs 497 crore for berths, Rs 124 crore for reclamation and rest for others.

Source: Business Standard