GPL announces financial closure - Stage set for all-weather Gopalpur port

Gopalpur Ports Ltd (GPL) announced financial closure for the first phase of its all weather direct berthing deepwater port at Gopalpur. The company would be constructing breakwaters with at least three or four berths to handle large vessels with associated material handling equipment, stockyards, warehouses and railway infrastructure in Phase-I.

Managing Director Mahimananda Mishra said that the closure was achieved with a consortium of 11 banks coming forward to support with a total loan amount of Rs 848.78 crore. The loan agreement was signed with the consortium led by Punjab National Bank, Bank of India, State Bank of India, SB of Travancore, Dena Bank, OBC, UBI, Union Bank, Indian Bank and UCO Bank. For the first time, the largest infrastructure financer India Infrastructure Finance Corporation Ltd has participated in a project in Orissa. The project is estimated to be to the tune of Rs 1,400 crore with the rest of the funding relying on investment by promoters and internal accruals.

Following the financial achievement, the stage is set for conversion of the minor port to an all-weather one. Environmental clearance for the project is under process of the Union Ministry of Environment and Forests and is likely to be handed over soon. “We expect to land the necessary clearances in the next month and a half, and target completing the first phase work in 18 months. GPL has already started the process of awarding contracts,” Mishra said. The port after full development is envisaged to handle 25 million tonne of cargo.

Jointly promoted by a consortium between Orissa Stevedores Limited (OSL) and Sara International Limited (SIL) and operational under a concession agreement from the State Government, the port currently has an anchorage facility and open from September to May.

Director Charchit Mishra said that the port handled five million tonne of cargo during the last shipping season 2009-10 marking an overwhelming 90 per cent increase over 2008-09. The port directly employs 4,500 persons and has revitalised the local economy of the area, he said.

Source: The New Indian Express