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The Prime Minister, Dr Manmohan Singh, will dedicate to the nation on February 11 the Rs 3,200-crore International Container Transhipment Terminal (ICTT) at Vallarpadam, a major expansion project of Cochin Port Trust.
The Terminal Operator DP World had completed construction of the terminal which would have advanced cargo handling equipment.
According to the agreement between the port and DP World, the construction of the terminal, its equipment and operations would be the responsibility of the terminal operator while the port would ensure road and rail connectivity to the project site and deepening of the shipping channels.
The Port Trust Chairman, Mr N. Ramachandran, told reporters that DP World has invested close to Rs 1,600 crore and the Union Government another Rs 1,600 crore for road and rail connectivity taken up through private-public participation (PPP) mode.
The company will operate the terminal for a 30-year period after which the assets will come back to the port as per the agreement.
DP World has constructed a quay length of 600 metres in the first phase. The capacity of the terminal in the first phase would be 1 million TEUs. By the end of the second phase, the quay length will be increased to 1,800 metres and the handling capacity would be raised to 3 million TEUs.
The Rail Vikas Nigam Ltd (RVNL) has constructed an 8.5-km long rail connectivity at a cost of approximately Rs 364 crore. The National Highway Connectivity (18.2 km) is being constructed by NHAI at a cost of Rs 872 crore. A two-lane part of the proposed 4-lane highway connectivity is ready for operations. The road project is likely to take one more year for its full completion, he said.
According to Mr Ramachandran, all shipping operations at Vallarpadam will be carried out by the port while cargo will be handled by DP World. All vessels related incomes will accrue to the port while the cargo related incomes will be collected by the terminal operator.
DP World will share one-third of its gross revenues with the port, while retaining two-thirds, out of which it is expected to meet all the operating costs, he said.
On dredging operations, he said that the capital dredging of the outer and inner channels was completed on April 30, 2010.
However, the capital dredging of the basin area suffered some delays and only a quay length of 350 metres is being made available for now.
The remaining quay length of 250 metres would be progressively made available, and the entire dredging work is expected to be over by April, he added.
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