| At a press conference here on Wednesday, he announced that Vallarpadam Transhipment Container Terminal (VTCT) project will be completed in the shortest possible time. |
| He expected the completion of the project in four years. Some 16 new cranes will be added to RGCT and the operation will create more jobs. "VTCT is a very important project to us. As we have customers across the world, efficiency is the key word in our functioning," he added. |
| Commercial operation of the international terminal will be possible within a year of its completion. The first phase of the new terminal will have a capacity of 1 million twenty foot equivalents (TEU) and cost approximately $135 million. |
| It will consist of 600m of quay, six super post Panamax quay cranes and on dock railhead serviced by rail mounted gantry cranes. VTCT will be expanded ahead of demand to 1.8 km of quay eventually and at least 16 quay cranes capable of handling the largest vessel afloat, with associated yard handling equipment and capacity of 3 million TEU. |
| The total cost of the project estimated at $500 million will be funded by DPI through non-recourse debt funding. He said that the debt was provided by a consortium of banks led by the Infrastructure Development Fund Company (IDFC) set up to provide growth capital infrastructure projects in India. |
| He also said that the DPI had estimated that the total initial investment for RGCT will be approximately $20 million and includes the immediate provision of four rubber tyred gantries (RTGs) and two mobile harbour cranes to the terminal to improve the overall efficiency. |
| According to him DPI's strategic partner Concor will hold 15 per cent stake in the operation. |
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