Financial Daily from THE HINDU group of publications
Tuesday, Dec 17, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 17, 2002 |
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Logistics
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Infrastructure DVS Raju-led team readying plan for Gangavaram port V. Rishi Kumar
HYDERABAD, Dec. 16 THE DVS Raju-led consortium is at an advanced stage of preparing the master plan for the Rs 2,000-crore greenfield Gangavaram port, planned to be developed in Andhra Pradesh to cater to the Visakhapatnam hinterland. The consortium is set to achieving `financial closure' by the first half of 2003. The Chairman and Managing Director of VisualSoft Technologies Ltd, a Hyderabad-based software services and products company, Mr D.V.S. Raju, had bagged the mandate for the Gangavaram port project earlier this year in his individual capacity as an entrepreneur. The consortium which bagged the mandate includes Dubai Ports International and the United Arab Emirates Government. When asked to comment on certain media reports that the West Port and the Jurong port had withdrawn from the consortium, Mr Raju told Business Line "actually, the West Port was not in the consortium to which the project was awarded. The project was awarded to the consortium that consists of Dubai Ports and DVS Raju." "Earlier, the West Port and the Jurong port were interested in being part of the consortium of companies at the expression of interest stage, but because of certain formalities that were expected to be completed by all the consortium members within the stipulated time lines, they did not feel comfortable, particularly with certain stipulations and deadlines. Hence, they decided to stay out of the consortium," Mr Raju said. The State Government had decided to take up this infrastructure port project through private-public participation route as this was considered to be a vital logistics hub for the Visakhapatnam hinterland. With the State Government keen to develop this area as a special economic zone for which several road shows were conducted abroad to attract developers, the project is seen as a major thrust area for the Government, it is learnt. The Rs 2,000-crore project will have the capability to handle large vessels of capacity of up to 2,00,000 to 2,50,000 dwt (dead weight tonnes) and supertankers. This had also kicked up interest in some major oil firms including Emirates Oil.
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