TM International Logistics Ltd (TMIL) proposes to set up a Rs 150 crore transloading facility in the Bay of Bengal to handle cargo from Capesize vessels for most months of the year. TMIL has formed an alliance with Coeclerici S.p.a. of Italy for the purpose.
According to the agremment signed between TMIL and the Italian entity, the transloading facility would handle Capesize vessels for at least seven months a year at Sandheads at the mouth of the Ganges, TMIL managing director S C Saxena said.
TMIL was set up as a subsidiary company of Tata Steel and has completed its first year of operations in March 2003.