News Details

Essar Ports registers 17.4 pc Q1 growth in cargo volumes 


Brings it closer to 60 mt handling target


Essar Ports on Wednesday said higher capacity utilisation at its recently commissioned terminals at Salaya and Vizag, and an increase in third-party cargo, are the two key factors that will help the company achieve its target of handling 60 million tonnes (mt) of cargo by March 31, 2020.


The company’s first quarter cargo handling performance has been very strong and brought it closer to achieving its target throughput by the end of the current financial year. For the quarter ended June 30, 2019, Essar Ports reported an impressive 17.4 per cent growth in cargo volumes across its four terminals. The combined throughput stood at 13.5 million tonnes—up from 11.5 mt in the same period last year, informed a release. 

 


All Essar terminals are focused on bulk and dry bulk cargoes that are primarily used as raw material in core sector industries like steel and power, said a release. 


“Our business is on a record growth trajectory with all terminals operating in full swing. Significant boost in third-party business and enhanced capacity utilisation of our anchor customers has been the key driver for the growth in volumes. We have consistently surpassed the average sectoral growth rate and are confident of achieving our target by March 2020,” said Mr Rajiv Agarwal, MD & CEO, Essar Ports Ltd.  


Essar Ports is one of India’s largest private sector port and terminal developers and operators. It has invested Rs 11,000 crore in developing world-class terminals in three Indian states. Its current operations span four terminals with a combined capacity of 110 mtpa, which is roughly 5 per cent of India’s port capacity. The company is a leader in the non-containerised bulk cargo space. 


All Essar Ports terminals use advanced cargo handling infrastructure and are equipped to double capacity in the near to medium term. The company is focused on not only enhancing cargo throughput, but also on ramping up capacity and contributing meaningfully to the government of India’s ambitious target of developing 3,130 mt of port capacity in the country by 2020.


Outside India, Essar’s port assets include a liquid terminal in the UK and a coal terminal which is in development stage at Mozambique’s Beira port, the release added.

 

Source : Exim News Service - MUMBAI, Aug. 21

EXIM INDIA PROFILE

click here!!

Search News

Currency Import Export
U.S.Dollar 71.97 71.07
U.K.Pound 90.19 88.40
Euro 79.78 78.45

As On 18th September, 2019

more forex rates...

Currency Import Export
U.S.Dollar 72.80 71.10
Sterling Pound 89.65 86.50
Euro 80.80 77.85

w.e.f.6th September, 2019

more custom rates...

CURRENT EVENT