Essar Ports: Projects Get Approvals (India)

Essar Ports Ltd. today announced its audited results for the financial year 2013-14 and for quarter ended March 2014.

Mr. Rajiv Agarwal, Managing Director, Essar Ports Ltd. said: “We have started receiving many pending approvals which will ensure early commissioning of our pending projects. With the Start of Operations in Vizag terminal and proposed Commissioning of Salaya terminal, the revenue profile for Essar Ports Limited is also set to diversify thereby improving the customer mix.”

The following are some key highlights from the report:

– Stage 1 Forest Clearance (FCA) for Salaya port has been received. Compensatory afforestation land has been finalized and agreement has been executed. Final FCA clearance is expected soon;

– Paradip coal terminal construction expected to start soon as Supreme Court dismissed all the petitions filed by port users occupying the land during December 2013. Paradip Port Trust has initiated action to vacate the land earmarked for the terminal;

– Received final environment clearance for Hazira expansion;

– Court cases by labour unions against award of concession of Vizag ironore terminals have been been dismissed by honourable High Court of Andhra Pradesh Third Party Cargo set to increase starting FY2015;

– Upgradation of Vizag terminal simultaneously with operations. Terminal will contribute to third party revenues of EPL from Q2 FY2015;

– Increasing Third Party cargo share upon addition of New projects: Salaya and Paradip Coal.

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Press Release, May 15, 2014