Rules out induction of new partner following Noble Group's exit
Gopalpur Ports Limited (GPL), the consortium developing the minor port at Gopalpur into a major, all-weather port, expects to get the environment clearance for the project soon.
The dealy in getting the nod of the Union ministry of environment and forests (MoEF) is cited as the major stumbling block for expansion of the port project.
Addressing reporters here, D P Singh, chairman, GPL said, “GPL fulfills all the eligibility criteria for getting the MoEF nod and we are hopeful of getting the clearance within a few months.”
Singh clarified that the exit of the Hong-Kong based Noble Group will not impact the port's expansion in any way as the Group had not contributed anything to the project either in terms of traffic or equity contribution ever since the formation of the consortium.
“GPL has achieved financial closure for the first stage of its Phase-II expansion on the strength of balance sheets of its two promoting companies- Orissa Stevedores Limited (OSL) and Sara International Limited.
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The project operations are going on in full swing and we expect it to be fully operational by 2012”, he added.GPL which handled five lakh tonnes of cargo in last year's shipment season is eyeing a cargo throughput of one million tonne in the shipment season of 2010-11.Mahimananda Mishra, managing director, GPL said, “Noble Group did not contribute even a single rupee towards port development. In fact, Noble Group wanted to exit within a month of the consortium signing the concession agreement with the Orissa government in 2006 as the management of the two other partners- OSL and Sara International did not appeal to the Group”.
Following the exit of the Noble Group, both OSL and Sara International will hold 50 per cent stake each in GPL.
On the possibility of the induction of a new partner in the consortium, Mishra said, “Both OSL and Sara International have sufficient financial strength to go ahead with the port's expansion plan and we do not need any third partner at this stage.”