Visakhapatnam Port Trust (VPT) has agreed to allot an additional back-up area of around 1.22 lakh square meters on a 30-year lease to Visakha Container Terminal Private Limited (VCTL).
Visakha Container Terminal is a special purpose vehicle promoted by United Liner Agencies of India and Dubai Port International to establish and manage the container terminal on a multi-purpose berth in outer harbour for a period of 30 years.
The port has already allocated nearly 74,000 square meters of land as back-up area. However, Visakha Container requested the Port Trust for additional area.
Meanwhile, it is learnt that the Port Trust also agreed to allot a small building for Rs 42.22 lakh annual rent.