Vedanta inks pact for redevelopment of Mormugao Port

Vedanta Limited signed the concession agreement for redevelopment of Berth No.8, 9 and Barge Berths at Port of Mormugao, Goa. The company had received the ‘Letter of Award’ for the project on April 15th this year on a design, build, finance, operate and transfer (DBFOT) basis.

The agreement was signed by Vedanta’s Iron Ore business CEO, Kishore Kumar, also the Director of the newly formed Special Purpose Vehicle, Goa Sea Port Pvt. Ltd. which is a subsidiary of Sterlite Ports and I. Jeyakumar, Chairman – Mormugao Port Trust in the presence of Road, Transport, Highways and Shipping Minister Nitin Gadkari and Goa Chief Minister Laxmikant Paresekar.

Speaking at the occasion, Gadkari said, “The project has a huge potential and will usher in a great deal of progress to the state of Goa and its people.” He added that it is very important to develop the port infrastructure in a country like India that has a huge coastline. Such projects will help reduce the logistics cost most important for trade and generate employment opportunities to socio economic progress, he stated.

The re-developed berths are planned to handle all type of cargo including iron ore, coal, limestone, bauxite and general cargo with an expected capacity of 19.22 million tonnes per annum.

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

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