Essar Ports gets regulatory go-ahead for expansion.

Essar Ports will finally start executing four port projects that were stuck for several years amid pending regulatory approval and lawsuits, its managing director Rajiv Agarwal said. Essar Ports, which has already spent Rs. 8000 crore in expansion, will spend another Rs. 3000 crore in the next three years to complete these projects. The projects will increase cargo handling capacity by 77 million tonnes per annum to the 181 mt capacity.

On the west coast, construction of a dry bulk terminal at Salaya received stage 1 forest clearance, while expansion of the cargo terminal at Hazira got the final go ahead from the environment ministry.

On the east coast, construction of a coal terminal at Paradip Port trust is expected to start soon with the Supreme Court dismissing all the petitions filed by port users occupying the land. The High Court of Andhra Pradesh also dismissed court cases by labour unions against the two-phase modernization and construction of iron-ore berths in Vizag by Essar Ports.

'We have started receiving many pending approvals which will ensure early commissioning of our pending projects. With the start of operations in Vizag terminal and proposed Commissioning of Salaya terminal, the revenue profile for Essar Ports Limited is also set to diversify thereby improving the customer mix,' Agarwal said in a statement.

ET