August 06,
The Paradip Iron ore berth project, which was the first Public Private Partnership (PPP) project in the port sector under the New Model Concession policy, awaits financial closure, as environment clearance is still pending.
Gammon Infrastructure Projects Ltd (GIPL), in a consortium with the Noble Group Ltd and State-run trading company MMTC Ltd is developing the Iron ore berth at Paradip port.
The total project value stands at around Rs 590 crore. The project is being developed on a build-operate-transfer (BOT) basis with concession period of 30 years, including a construction period of three years. The venture is expected to add 10 million tonnes per annum capacity to Paradip port.
GIPL is positive that the port authorities would be able to obtain the green clearance within a month. The financial closure is expected to be achieved within a couple of weeks thereafter.
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