Financial Daily from THE HINDU group of publications
Tuesday, Apr 11, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 11, 2006 |
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Shipping Industry & Economy - Infrastructure States - Andhra Pradesh SkodaExport to set up $1-b port complex in AP Our Bureau
Future plans The SEZ alongside the port complex will host a 250-MW captive coal-based power plant and a five-lakh-tonne per annum urea plant. The project envisages modernisation of the existing harbour to a mid-sized port that has potential to handle bulk cargo, coal, granite, cement and agriculture products.
Hyderabad , April 10 , Czech major SkodaExport Co Ltd has announced its plans to establish an integrated port complex at Nizampatnam, which will see an investment of about $1 billion (about Rs 4,500 crore) and include a special economic zone, a port, a 250-MW power plant and a urea manufacturing base. The Czech company signed up with Infrastructure Corporation of Andhra Pradesh Ltd (Incap)on Monday and the two will create a special purpose vehicle — Nizampatnam Industrial Port Complex Company — Nipcco. The Chief Executive Officer of SkodaExport, Mr Jaroslav Hubacek, told Business Line, "India has been identified as a strategic investment opportunity and we expect to take up more such projects. These include modernisation of Ennore power plant and setting up of a 3x210-MW power project in Jharkhand." "The SEZ alongside the port complex will host a 250-MW captive coal-based power plant and a five-lakh-tonne per annum urea plant. While the detailed project report would be ready within a year, we expect to achieve financial closure shortly thereafter and complete these projects simultaneously by 2010," he said. "While Incap equity would be through the land for the port complex and SEZ, we expect to rope in Czech Exim Bank, local banking and financial institutions and non-banking financial institutions to pump in funds as strategic investors in the project," Mr Hubacek said. Referring to the Union Government policy on SEZs, Mr Hubacek said, "We were awaiting the clearance of this policy. The SEZs have immense potential and many companies in the areas of power plants, food processing and machine industries could come in and locate their facilities. We would also like to woo IT companies to the SEZ." The project envisages modernisation of the existing harbour to a mid-sized port that has potential to handle bulk cargo, coal, granite, cement and agriculture products. The port will also serve a base to bring in imported coal for the power plant. Asked the basis for selection of a port in this part of the world, Mr Hubacek said, "Our studies have indicated that there is huge potential for such a port as this is centrally located between Chennai and Vizag." The Counsellor Commercial, Embassy of the Czech Republic, Mr Richard David, said the bilateral trade had immense potential to grow. With the establishment of such a port complex, this can only increase in the next few years. The bilateral trade is estimated at about $500 million now and is expected to touch $1 billion by 2010.
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