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Essar Vizag Terminal registers 45% overall cargo growth in Q1
Essar Vizag Terminal (EVTL), a wing of Essar Ports, on Thursday said that it recorded 45 per cent overall cargo growth.
Visakhapatnam: Essar Vizag Terminal (EVTL), a wing of Essar Ports, on Thursday said that it recorded 45 per cent overall cargo growth. From 2.2 million tonne (MT) in the first quarter of the last financial year to 3.2 MT this financial year, the terminal registers a 45 per cent overall growth.
This apart, the third-party cargo volume grows to 1.1 MT in the first quarter of the current financial year – up by 225 per cent from 0.4 MT recorded last year. The significant growth in overall cargo was primarily driven by a sharp rise in third-party cargo with volume more than tripling compared to the last quarter. Besides, captive cargo registers a growth of 5.6 per cent over the same period.
Essar Ports is one of India's largest private sector port and terminal developers and operators. It has invested Rs 11,000 crore in developing five world-class terminals in three states. Its current operations span four terminals with a combined capacity of 110 MTPA, which is roughly 5 per cent of India Port capacity. The firm is also leading in the bulk cargo like iron ore space.
Essar ports is expecting to handle over 60 MT in the current financial year. The terminals use advanced cargo handling infrastructure and equipped to double capacity in the near to medium term.
The company is therefore focussed on not only enhancing cargo throughput but also on ramping up capacity and contributing meaningfully to the Government of India's ambitious target of developing 3,130 MT of port capacity in the country by 2020.
India's largest integrated iron ore handling complex located on the outer harbour of Visakhapatnam Port Trust, according to a statement received from the company.
