Vizag Port all set to expand container terminal

After thrashing out the differences over its revenue and traffic projections, the Visakhapatnam Port Trust is all set to sign concession agreement on extension of container terminal with the Visakha Container Terminal Private Ltd in third week of December under the PPP mode. The prestigious project mooted three years ago with an investment of Rs.633 crore to make Visakhapatnam a gateway on the East Coast for container traffic will finally take off with the VCTPL giving a letter of consent for signing the concession agreement on December 17. The VCTPL along with six others who bought bid documents have been asked to submit fresh proposals last year owing to offer of low percentage gross revenue share by VCTPL. VCTPL, which entered into an agreement with VPT under PPP mode for developing a greenfield container terminal with one of the best natural drafts in the world, had launched its commercial operations on June 26, 2003 on its first phase project.