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Our Bureau

Mumbai , Oct. 29

TATA Steel and Larsen & Toubro (L&T) on Friday announced that they were setting up a 50:50 joint venture for the Dhamra Port project in Orissa.

The project, estimated to cost around Rs 1,500 crore-1,700 crore, will comprise an equity component of Rs 350 crore; the rest being debt. The port planned over two phases will have a handling capacity of 25 million tonnes per annum. It will become operational by December 2007.

The Dhamra port will be the deepest port in the world at 18-metre depth.

"In the first phase, it will be a bulk port,'' Dr A. Ramakrishna, Deputy Managing Director and President (Operations), L&T, said.

It will have a turnaround time of one-and-a-half days and will be the most cost-effective port on the east coast, he said. It will be a highly mechanised port.

According to officials of the two companies, work on this project commenced three to four years ago.

Tata Steel will be the main cargo provider in the initial stages of the port. Currently, Tata Steel's cargo is around 3 million tonnes; this could go up to 10 million tonnes by the time the project is ready, Mr B. Muthuraman, Managing Director, Tata Steel, said.

"Once this port comes up, we could even consider a port-based steel plant in the future,'' he said.

More Stories on : Alliances & Joint Ventures | Shipping

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