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Marg Karaikal port in Puducherry hopes to double cargo handling and revenue this fiscal. With an improved performance, its parent Marg Ltd may consider divesting a 10-20 per cent stake in the port to raise funds at the end of the year, according to reliable sources.
The port is likely to handle around 10 mt of cargo this fiscal. The increased capacity is due to factors such as the commissioning of a power plant by IL&FS at Parangipettai in Cuddalore, coastal movement of clinker (an intermediate product that is ground to cement) from Karaikal to Kolkata by Ramco Cements and handling of iron ore by JSW, said the sources.
Revenue from port operations could double to nearly ₹400 crore, the sources added.
There have been reports that a deal with Shapoorji Pallonji & Co Ltd for investment in the port had fallen through. The sources said it was only a ‘process’ that happened five months ago.
The company generally engages with multiple entities, including vendors and companies such as like Shapoorji Pallonji, to carry out general business activities. Nothing was firmed up with Shapoorji Pallonji, they said.
With a number of power plants and lot of hinterland development happening in Tamil Nadu, the port is likely to witness increased cargo handling, in contrast to the slump witnessed in the last couple of years. Plans are afoot to put up an LNG terminal, the sources said.
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