 "CCEA may approve upgradation of Vizag Port tomorrow")
"Upgradation of existing facility and creation of new facility at the Vishakhapatnam Port Trust for iron ore handling on DBFOT (Design, Build, Finance, Operate and Transfer) basis in two phases, these proposals are likely to be approved by the CCEA (Cabinet Committee on Economic Affairs) tomorrow," sources said.
The project involves upgradation of the existing terminal and also creation of a new facility, with a total outlay of nearly Rs 845 crore, including Rs 170 crore, upfront fee to the port.
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Currently, the existing Iron Handling capacity of the port is at 12 million tonnes (MT) and it is likely to double up with the expansion.
The capacity of port of Visakhapatnam is 67.33 MT as on March 31, 2013 and the envisaged capacity is 140 MT and 149 MT by 2016-17 and 2019-20, respectively.