Vedanta inks pact to redevelop Mormugao port

Mining conglomerate Vedanta today said it has signed the concession agreement for Rs 1,145 crore redevelopment project of the Mormugao port in Goa.

The company had received the Letter of Award for the project on April 15, 2016 on a Design, Build, Finance, Operate and Transfer (DBFOT) Basis, it said in a statement. 

The agreement was inked in Mumbai between Vedanta's Iron Ore business CEO Kishore Kumar and Mormugao Port Trust Chairman I Jeyakumar in the presence of Road, Transport, 

Highways and Shipping Minister Nitin Gadkari and Goa Chief Minister Laxmikant Paresekar, it added. Kumar is the Director of the Special Purpose Vehicle Goa Sea Port Pvt Ltd which is a subsidiary of Sterlite Ports.

The Project will be handled by Goa Sea Port Pvt Ltd, which currently owns and operates a 14 million tonnes per annum (MTPA) capacity fully mechanised coal terminal in Visakhapatnam Port of Andhra Pradesh.

Project, which includes redevelopment of berths 8, 9 and barge berths, has been awarded through a competitive bidding process on DBFOT Basis for the 19 MTPA capacity multi-cargo Port terminal in Mormugao Port.

The total estimated project cost is Rs 1,145 crore and construction is expected to be completed in five years.