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Essar Shipping on Tuesday said it will complete investment programme of Rs 11,700 crore by 2012-13 for enhancing its ports capacity and acquiring equipment.
The company has two new jack up rigs on order at a cost of Rs 2,400 crore for oilfield services and the same is expected by FY13,” Mr Rajiv Agarwal, Managing Director and CEO of Essar Shipping, Ports and Logistics Ltd (ESPLL) told reporters during a conference call.
The company said it has 12 new ships on order, including six bulk carriers, which could further see a substantial investment, taking the figures to over $3 billion.
“Twelve new ships (are) on order, including six Minicapes and six Supramax Dry Bulk Carriers, expected to join the fleet in a phased manner by FY13,” a company statement said.
Bulk of the proposed Rs 11,700 crore investments will come from Rs 6,150 crore, earmarked for capacity expansion projects at present, which is expected to increase to Rs 9,317 crore by 2013.
The company has plans to take up its capacity to 158 million tonnes per annum (MTPA) and it has tied up for finances for 138 MTPA.
It commissioned 12 MTPA terminal expansion at Vadinar on April 1, 2011, taking the Vadinar capacity to 58 MTPA and overall port capacity to 88 MTPA.
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