GPL to invest Rs 1,150 crore in second phase expansion of Gopalpur Port

BERHAMPUR: The Gopalpur Port Limited (GPL), a consortium of three companies, proposes to complete the second phase of the port project in the next two years at an investment of about Rs 1150 crore. “The banks and financial institutions have agreed to finance the port project after it gets the environmental clearance. The approval is expected at any time from the Ministry of Environment and Forests (MoEF)”, said Manmohan Moharana, director, GPL. At least ten banks and financial institutions have formed a consortium to finance the port project. They include Punjab National Bank, Union Bank, State Bank of Patiala, Oriental Bank of Commerce, UCO Bank, Dena Bank, United Bank of India, State Bank of Travancore, Indian Bank and India Infrastructure Finance Company Limited (IIFCL).

The second phase of the project is expected to be completed within 24 months of getting the environmental clearance. The state government has requested the MoEF for early clearance of the project following the recommendations of the Orissa State Coastal Zone Management Authority (OSCZMA). The Gopalpur port project is being developed by Gopalpur Port Limited (GPL), a consortium consisting of the Orissa Stevedores Limited (OSL), Sara International Limited-New Delhi and Noble Group of Hong Kong.

It may be recalled that the defunct port at Gopalpur had started its operations within three months of signing of the Memorandum of Understanding (MoU) between the state government and GPL in 2006. GPL has already invested Rs 200 crore in the first phase of the project. Meanwhile, the port has handled around four lakh tonnes of cargo so far in this fiscal as against 2.5 lakh tonnes in 2008-09. The port is likely to handle around one lakh tonnes of cargo by April 15, 2010 which marks the close of the current shipment season. In 2010-11, the port hopes to see its cargo traffic grow to one million tonnes.

Source: Business Standard