UK-based investment company Eredene Capital PLC expects its Inland Container Depot (ICD) at Vadodara to be operational by 2011. The company is on the verge of completion of land acquisition for the ICD, which has seen a $8 million investment, out of its $100 million fund for Indian infrastructure.
"The planned 140-acre site is on an 800-metre wide land corridor next to the two primary transport arteries from Delhi to Mumbai - National Highway 8 and the main north-south rail line, which carries the highest freight traffic in India. We have almost completed the land acquisition and expect the ICD to be operational by 2011," said Nikhil Naik, chairman, Eredene Capital, during his visit to Ahmedabad on Wednesday.
The London-based Alternative Investment Market listed fund, which is currently raising its second fund of $400 million for Indian infrastructure, plans to invest in roads, railways, airports and general infrastructure projects.
"We have a 22 per cent consortium to bid for Ennore container terminal in Tamil Nadu, besides other consortiums in Mangalore and Mumbai ports," Naik said.
The company is expecting to generate revenue worth Rs 7 crore from the Container Freight Station (CFS) at Pipavav port this fiscal.
The Eredene Group has invested Rs 233.3m (£2.9m) for a current 49 per cent stake in Contrans Logistic Pvt Ltd (formerly Box-Trans Logistics Pvt Ltd), a company which has developed the first dedicated CFS at Pipavav.
"We crossed 10000 twenty-foot equivalent units (TEUs) till Novemeber this year. Our volumes have been up 20 per cent, so we expect a revenue of seven crores at the end of this fiscal from the Pipavav port," Naik added. The Port of Pipavav is owned and operated by the international shipping company Maersk which has undertaken a massive development programme with a new liquid cargo berth and expansion of the container terminal. A second container berth opened in March 2008.
The company had committed to an investment of $100 million for nine projects in India, including CFS for Chennai, Ennore Ports, warehousing and distribution for north India, logistics park at Haldia, West Bengal and Kalinganagar Industrial Complex, Orissa, affordable housing project for Mumbai's blue-collar workers and IT offices in Bangalore and Chennai.