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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9771)	11/24/1999 9:50:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Kerala govt, Kumar's group sign pact for $465 mil port project Our Hyderabad Bureau 24 NOVEMBER THE Hyderabad-based Kumar's group has signed an agreement with the Kerala government to build a Rs 2,000-crore modern container port near Vizhinjam in Kerala. According to the agreement, which was signed on November 15, the Kumar's group will operate the port for an initial period of 30 years with a provision to extend the same on mutually agreed terms and conditions. The construction of the port will be done on Build, Operate and Transfer (BOT) basis on a new green-field site near the existing Vizhinjam minor port.The project is to come up on 500 acres of land to be leased to the Kumar's group by the Kerala government. Besides, the Kerala government has agreed to provide road, water and telecommunication facilities upto the port. The group has proposed to develop the port with modern cargo handling and navigation facilities, besides dry dock and other facilities. Speaking to ET, Kumar's group vice-president Narsing Rao said, the project will have three phases, with the first phase expected to cost Rs 800 crore, and the second and third phases to cost Rs 600 crore each. Mr Rao said, the group is scouting for foreign partners towards equity participation in the project. He said, firms from Britain and Malaysia have evinced interest in the project and agreements are likely to be signed by December. After completion of the first phase, the port will be able to handle large-sized mother vessels at its container trans-shipment terminals, company officials said. (11/25/99-et)