One of India's largest private port companies Essar Ports Ltd., part of the India-based Essar Group, has announced that its expansion plan to upgrade the iron ore handling capacity of its Vizag Port is nearing completion. The expansion plan with an investment value of INR 8.3 billion ($126.8 million) will upgrade the iron ore handling capacity of the terminal from 12.5 million mt per year to 23 million mt per year. On completion, the upgraded terminal will have a loading rate of 8,000 mt per hour, which will be among the highest for an Indian port.
According to Rajiv Agarwal, managing director of Essar Ports, as a result of the enhanced performance parameters, exporters on the east coast will benefit immensely from shorter turnaround times, which will translate into competitive freight costs.
Vizag Port serves the rapidly growing markets of Southeast Asia, including China, Japan, and South Korea.